The bank's clients are likely involved in the basis trade, rather than making a directional bet, said an analyst.

U.S. spot Bitcoin ETFs hold $111.78 billion in BTC or 5.92% of its market cap. Goldman Sachs holds $1.27 billion in BlackRock’s BTC ETF and

Goldman Sachs has increased its holdings in spot Ethereum ETFs by 2,000%, while upping its exposure to Bitcoin ETFs to $1.5 billion.

Goldman Sachs also held almost $500 million in Ethereum ETFs, split equally between BlackRock and Fidelity. The company’s crypto ETF holdings jumped 50% from the prior quarter, when its holdings were worth about $720 million, according to SEC filings.

Goldman Sachs boosts its Bitcoin ETF holdings to $2.3 billion, signaling growing institutional interest in cryptocurrency investments.

Goldman Sachs kept buying spot Bitcoin and Ether ETFs in the fourth quarter of 2024 — increasing positions by 114% and 2,000%, respectively.

In a recent 13F filing, Goldman Sachs disclosed increasing its Bitcoin holdings in the last quarter of 2024. The major growth of the BTC portion in the bank’s portfolio was immediately noticeable compared to the previous quarter.