In the fourth quarter of 2024, Goldman Sachs made significant investments into cryptocurrency ETFs, as indicated by the recent February 2025 filings.
Increase in Ether ETF Investments
The filing reveals that Goldman Sachs’ Ether ETF investments grew from $22 million to $476 million in Q4. The firm allocated its holdings across multiple funds, primarily BlackRock’s iShares Ethereum Trust (ETHA) and the Fidelity Ethereum Fund (FETH). Additionally, Goldman invested $6.3 million in the Grayscale Ethereum Trust ETF (ETHE).
Growth in Bitcoin ETF Investments
Goldman Sachs increased its Bitcoin ETF holdings by 114% during the same period, bringing its total investment to $1.52 billion. This includes $1.28 billion in BlackRock’s iShares Bitcoin Trust (IBIT), $288 million in Fidelity’s Wise Origin Bitcoin Fund (FBTC), and $3.6 million in the Grayscale Bitcoin Trust (GBTC).
Market Performance and Strategic Adjustments
The firm’s crypto ETF acquisitions coincided with price increases in Bitcoin and Ether. Bitcoin surged 41%, while Ether gained 26.3% in Q4 2024. At the same time, Goldman divested its holdings in ETFs from Bitwise, WisdomTree, Invesco-Galaxy, and ARK-21Shares, signaling a shift toward more established funds such as BlackRock and Fidelity.
Goldman Sachs' approach to crypto investing demonstrates trust in more stable and well-known funds like BlackRock and Fidelity, despite the company's historically ambiguous stance on crypto assets.
