Bitcoin ETFs maintain market lead as Ethereum ETFs see surge in institutional adoption, 13F filings show

Bitcoin ETFs continued to gain market share in the fourth quarter, while Ethereum ETFs took a significant jump among institutions, according to the latest 13F filings.Every quarter, institutional investment managers with at least $100 million in equity assets under management file 13F reports with the U.S. Securities and Exchange Commission. The filings, which are required within 45 days of the end of each quarter (in this case, Feb. 14), provide a view of the manager's stock holdings. As such, 13Fs are a way to glimpse how the largest portfolios and some of the most influential money managers play the market, although it should be noted that 13Fs do not disclose short positions.Here’s a brief glimpse into how some of the most prominent funds changed their holdings from the third quarter to the fourth quarter of 2024. These holdings are as of Dec. 31.Blackrock’s iShares Bitcoin Trust continues to lead the way among bitcoin ETFs, with about 1,100 institutions holding 247 million shares.Goldman Sachs increased its holdings by 88% quarter over quarter to 24.07 million shares and remains the third-largest overall holder of IBIT, behind Brevan Howard Capital (25 million) and Millennium Management (29 million). The investment bank boosted its overall Bitcoin ETF holdings to $1.5 billion in the quarter. Meanwhile, Barclays disclosed a new stake in IBIT, with 2.47 million shares worth $131 million.Of note, Abu Dhabi’s sovereign wealth fund for the first time purchased $436.9 million of BlackRock’s spot Bitcoin ETF in the quarter and is now the seventh-largest holder of the fund. The Wisconsin State Pension Fund held $321.5 million in IBIT, more than doubling its stake to 6.06 million shares.“I think that points to entering the next phase of institutional accumulation: major institutions such as sovereign wealth funds and pension funds,” Bitwise senior investment strategist Juan Leon told The Block. “The accumulation by sovereign wealth funds, pension funds, and other major institutional investors is just getting started.”Ethereum ETFs see increased buyingBitcoin ETFs first hit the market in January 2024, making them eligible to be bought for the first quarter holdings that year. Ethereum ETFs went live for trading in July 2024, making them eligible for the third quarter.Institutional ownership of Ethereum ETFs increased quarter over quarter as Bitcoin ETFs essentially stayed the same, Leon noted. Overall ETH ETF ownership jumped from 4.8% to 14.5%, while BTC ETFs ticked slightly down from 22.3% to 21.5%.“That's a positive trend for the institutionalization of ETH,” Leon said.In terms of the overall institutional versus retail ownership, Bitcoin ETFs have the edge among institutions (21% allocation for BTC to 15% for ETH), Leon noted. He said this is a similar pattern of increased institutional adoption that BTC ETFs saw in early 2024, with more retail at the beginning, and then larger share gain by institutions.Goldman Sachs established a new position in BlackRock's iShares Ethereum Trust ETF, buying 9.3 million shares worth $195 million – making Goldman ETHA’a largest institutional shareholder, according to Fintel data. Not far behind is Millennium Management, which owns 4.1 million shares and $182.1 million across all Ethereum ETFs. Brevan Howard Capital owns 3.6 million ETHA shares.BlackRock’s IBIT ($56.3 billion AUM) and ETHA ($3.6 billion) are the largest BTC-ETH ETFs by assets under management, according to The Block’s ETF data dashboard.Updated at 7:40 p.m. ET to include additional details on Brevan Howard Capital.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.