The Wall Street giant combined massive holdings in spot bitcoin and Ethereum funds with options positions in a fourth-quarter crypto ETF push, according to an SEC filing.

The financial firm held about $1.3 billion of BlackRock’s Bitcoin ETF shares and $300 million of Fidelity’s. Exchange-traded funds let investors gain exposure to an asset with

Goldman Sachs loaded up on bitcoin and ethereum ETFs in the fourth quarter, increasing its ethereum ETF holdings by 2,000% and growing its bitcoin ETF holding to over $1.5 billion

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.

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.