Goldman Sachs now holds just over $2 billion in crypto-linked exchange-traded funds, concentrated in the largest spot Bitcoin products. The figure reflects positions tied to the iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC), with additional but smaller exposure to Ethereum ETFs at the end of Q4 2024.
The holdings sit inside regulated ETFs rather than direct tokens, which typically allows standardized custody, valuation, and risk reporting under existing securities rules. The structure also enables the bank to implement hedges and basis trades that can offset price swings and reduce directional risk on its balance sheet.
What Goldman Sachs holds: ~$2B via IBIT and FBTC ETFs
As reported by Fortune, Goldman Sachs disclosed roughly $2.05 billion of exposure to crypto ETFs at the end of Q4 2024, led by IBIT and FBTC on the Bitcoin side. The disclosures indicate that Ethereum ETF exposure is also present, albeit on a smaller base relative to Bitcoin.
These positions are consistent with a model in which a large dealer intermediates client demand while managing inventory and risk through exchange-traded vehicles. The use of spot ETFs standardizes the underlying exposure, enabling book-level controls, collateral management, and counterparty risk processes aligned with bank compliance frameworks.
Why it matters: institutional exposure, client demand, risk controls
BeInCrypto reported that the disclosure places Goldman among the more exposed major U.S. banks to crypto-linked assets, though the sum remains small relative to its total holdings. For institutions, ETF wrappers provide a scalable way to meet client interest while maintaining auditability and operational discipline.
The apparent rise in positions coexists with internal skepticism in parts of the organization, underscoring a client-led posture rather than a house conviction trade. In explaining that stance, Sharmin Mossavar-Rahmani, Chief Investment Officer for Wealth Management at Goldman Sachs, said, โWeโre not believers in crypto. We do not think it is an investment asset class.โ
Immediate impact: hedged positions, limited directional bank risk
Based on data from CryptoSlate, large put-option positions have been used as downside hedges alongside ETF exposure, a configuration consistent with a basis-style approach rather than a purely directional bet. In a classic basis trade, a dealer might hold the ETF or futures exposure while using options or related instruments to neutralize price risk and capture a spread tied to funding, liquidity, or execution.
The practical effect is that net profit-and-loss sensitivity to Bitcoin or Ethereum price moves can be contained within risk limits, even when headline notional exposure appears large. That profile helps explain how a bank can facilitate significant client flows into crypto ETFs while maintaining limited directional risk on its own balance sheet.
Holdings breakdown by asset: Bitcoin vs Ethereum exposure
The exposure is primarily in Bitcoin via IBIT and FBTC, reflecting where liquidity and assets under management are deepest. As reported by Forbes, Ethereum ETF exposure has been expanding from a smaller base, with quarter-on-quarter growth indicating broadening client interest beyond Bitcoin.
At the time of this writing, Bitcoin traded near 68,451 with very high recent volatility around 10.62% and an RSI near 35.46 on a 14-day lookback. Those conditions provide context for why hedges and basis trades feature prominently in institutional implementations of crypto ETF exposure.
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