Goldman Sachs has disclosed its substantial exposure to the cryptocurrency market, with over $2 billion invested in Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETF) as of December 31, as per its latest 13F form.
According to the 13F form, the banking giant had a $1.56 billion exposure to Bitcoin by the end of the fourth quarter of 2024, more than double the $710 million reported in the previous quarter.
The filing with the US Securities and Exchange Commission detailed that Goldman Sachs had over $1.2 billion in BTC exposure through BlackRock’s IBIT, $3.6 million via Grayscale’s GBTC, and $288 million via Fidelity’s FBTC.
Moreover, the 13F form also revealed $760 million in options trading positions through spot ETFs. An $84 million put position was opened through FBTC, along with a $527.5 million put position via IBIT. The only call position was worth $157.3 million and was opened through IBIT.
Notably, previous exposures through ARK 21shares’ ARKB, Bitwise’s BITB, Grayscale’s mini Bitcoin trust, Invesco Galaxy’s BTCO, and WisdomTree’s BTCW, which were reported on November 14 for the third quarter, have all been closed.
In terms of share amounts, Goldman Sachs reported an 88.5% increase in its IBIT shares and a 105.2% increase in its FBTC shares. Additionally, the institution reduced 97% of the GBTC shares it held.
Goldman Sachs’ appetite for Ethereum (ETH) also saw a significant increase quarter over quarter, alongside the rise in its Bitcoin exposure. As of December 31, the financial institution reported $476.5 million in spot Ethereum ETF shares, compared to just $25.1 million on September 30 — a nearly 19x increase.
The 13F filing disclosed $234.7 million in ETH exposure through Fidelity’s FETH, $235.5 million via BlackRock’s ETHA, and $6.3 million Ethereum exposure via Grayscale’s ETH mini trust.
Despite the substantial increase in ETH exposure, it represents only 30% of Goldman Sachs’ total crypto exposure.
