Goldman Sachs significantly increased its exposure to cryptocurrencies in Q4 2024, raising its spot Ether ETF position by 2,000% to $476 million, while its Bitcoin ETF holdings soared to over $1.5 billion. The investment bank's Ether ETF investments included approximately $234.7 million in Fidelity’s Ether ETF, along with substantial investments in BlackRock’s iShares Ethereum Trust and the Grayscale Ethereum Trust ETF. In addition, Goldman Sachs acquired nearly $1.28 billion worth of shares in the iShares Bitcoin Trust and $288 million in the Fidelity Wise Origin Bitcoin Fund. These increases align with rising market prices of Bitcoin and Ethereum, which rose 41% and 26.3%, respectively, over the quarter. Notably, Goldman appeared to withdraw from Bitcoin ETFs from Bitwise and WisdomTree. This move reflects an uptick in institutional crypto adoption, driven by a favorable regulatory climate. Despite this increased investment, Goldman Sachs has previously expressed skepticism towards cryptocurrencies, labeling them unsuitable for its clients.

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