Goldman Sachs Doubles Down on Bitcoin ETFs, Boosts Ethereum Holdings

Goldman Sachs has significantly increased its Bitcoin ETF holdings, as revealed in its latest 13F filing with the U.S. Securities and Exchange Commission (SEC).

The Wall Street giant now holds $1.57 billion in various Bitcoin ETFs, marking a 121.1% surge from the $710 million reported in Q3.

Goldman Sachs’ largest investment is in BlackRock’s iShares Bitcoin Trust (IBIT), where it now owns 24.07 million shares valued at $1.27 billion—an 88% jump from its previous filing.

This expansion signals a strong institutional shift toward Bitcoin (BTC) and, to a lesser extent, Ethereum (ETH). The filing also shows a $288 million increase in Fidelity’s Wise Origin Bitcoin ETF (FBTC), up 105% from Q3. Goldman now holds $3.6 million in Grayscale’s Bitcoin Trust (GBTC).

Beyond ETFs, the Goldman Sachs has taken substantial options positions, with puts and calls totaling $760 million. This includes a $527 million put position in IBIT, an $84 million put in FBTC, and a $157 million call position in IBIT. These options allow Goldman to hedge against potential losses while positioning itself for further gains.

Despite confidence in Bitcoin ETFs, Goldman Sachs has exited smaller positions in funds like ARK 21Shares’ ARKB, Bitwise’s BITB, Grayscale’s mini Bitcoin Trust, Invesco Galaxy’s BTCO, and WisdomTree’s BTCW.

Ethereum exposure has also surged, with Goldman increasing its ETH holdings to $476.5 million—up from $25.1 million last quarter, a nearly 19-fold jump. The firm now holds $234.7 million in Fidelity’s FETH and $235.5 million in BlackRock’s ETHA, further diversifying its crypto investments.

The rise in Bitcoin and Ethereum allocations is partly attributed to strong market performance. Bitcoin soared 40.6% in Q4, while Ethereum gained 26.2%, according to CoinGecko data. Bitcoin reached an all-time high of $109,000 just before the U.S. presidential inauguration, fueled by rising institutional adoption and favorable regulatory conditions following Donald Trump’s election victory.

However, Ethereum continues to lag in institutional adoption. ETH’s value relative to Bitcoin has dropped 13.8% in the past month, reaching a four-year low due to technical setbacks and increasing investor preference for Bitcoin.