Goldman Sachs has once again made headlines with its latest 13F filing, revealing strategic moves in both traditional equities and digital assets. As of December 31, 2024, the financial giant reported a total portfolio value of $630 billion—up from $620 billion in the previous quarter. This marks a modest 0.8% increase, signaling measured growth amid shifting market dynamics.
The firm’s Q4 activity included adding 637 new positions, increasing stakes in 2,959 stocks, while trimming or exiting others—deleting 433 holdings entirely and reducing 1,955. Notably, the top ten holdings accounted for 20.97% of the total portfolio, underscoring a concentrated yet diversified strategy.
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Top Equity Holdings: Apple Leads the Pack
At the core of Goldman Sachs’ portfolio remains a strong emphasis on leading technology and index-tracking assets. The top five holdings reflect confidence in innovation-driven giants:
- Apple (AAPL.US) secured the top spot with approximately 91.06 million shares held, valued at $22.8 billion—representing 3.59% of the portfolio. This reflects a 5.25% increase in share count from the prior quarter.
- NVIDIA (NVDA.US) followed closely with around 141 million shares, worth $18.98 billion (2.99% allocation), up 1.94% in volume.
- SPDR S&P 500 ETF (SPY.US) came third at $18.91 billion across 32.27 million shares, though this was a slight decrease of 2.63% compared to Q3.
- Microsoft (MSFT.US) ranked fourth with 43.26 million shares valued at $18.24 billion (2.87%), a minor 0.66% uptick.
- Amazon (AMZN.US) rounded out the top five with 50 million shares worth $10.97 billion (1.73%), despite an 8.66% reduction in holdings.
Beyond these core names, Goldman significantly boosted its positions in Meta Platforms (META.US) and Broadcom (AVGO.US)—both emblematic of long-term bets on AI infrastructure and digital advertising recovery.
Strategic Shifts: Sector Rotation and Options Activity
While tech dominates, Goldman’s trading behavior reveals deeper tactical shifts. The top five buys were led by NVIDIA, Broadcom, Apple, S&P 500 ETF call options (SPY.US,CALL), and TC Energy put options (TRP.US,PUT)—suggesting bullish sentiment on market momentum coupled with hedging against energy sector volatility.
On the flip side, the largest sell-offs included:
- iShares Russell 2000 ETF (IWM.US)
- Microsoft (MSFT.US)
- iShares Core S&P 500 ETF (IVV.US)
- TC Energy (TRP.US)
- Royal Bank of Canada (RY.US)
This rotation suggests a pivot away from small-cap exposure and certain large-cap names toward more targeted plays on growth and macro hedges.
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Digital Asset Surge: Crypto Exposure Tops $2 Billion
One of the most striking developments in Goldman Sachs’ Q4 report is its aggressive expansion into cryptocurrency through ETFs. The bank’s total crypto exposure now exceeds $2 billion**, with Bitcoin-related investments alone reaching **$1.56 billion—a more than two-fold jump from $710 million in Q3.
Bitcoin ETF Holdings Soar
Goldman significantly increased its stakes in spot Bitcoin ETFs:
- iShares Bitcoin Trust (IBIT.US): Now holds 24.08 million shares worth $1.27 billion, an 88% increase quarter-over-quarter.
- Fidelity Wise Origin Bitcoin Fund (FBTC.US): Position grew by 105% to 3.53 million shares valued at $288 million.
In contrast, the firm drastically reduced its exposure to Grayscale Bitcoin Trust (GBTC.US), cutting holdings to just $3.6 million—a 97% decline—likely due to higher fees and persistent discount-to-NAV issues.
Additionally, Goldman established substantial options positions tied to Bitcoin ETFs:
- $157 million in IBIT call options
- $527 million in IBIT put options
- $84 million in FBTC put options
These derivative positions indicate both speculative upside potential and downside protection strategies as volatility remains elevated.
Ethereum Bets Multiply Nearly 19x
Goldman’s interest isn’t limited to Bitcoin. Its Ethereum exposure surged to $476.5 million**, up from just $25.1 million the previous quarter—a nearly 19-fold increase**.
Breakdown of Ethereum ETF holdings:
- Fidelity Ethereum Fund (FETH.US): $234.7 million
- iShares Ethereum Trust (ETHA.US): $235.5 million
- Grayscale Ethereum Trust (ETH.US): $6.3 million
Despite this explosive growth, Ethereum still accounts for only about 30% of Goldman’s total crypto allocation, reinforcing Bitcoin’s dominant role in institutional digital asset strategies.
Why This Matters for Investors
Goldman Sachs’ moves offer a window into how elite financial institutions are navigating uncertain macroeconomic terrain. Their increased allocation to tech leaders like Apple and Broadcom reflects trust in AI-driven revenue growth and resilient consumer ecosystems.
Meanwhile, the surge in crypto exposure—particularly via regulated ETF vehicles—signals growing comfort with digital assets as a legitimate asset class. With over $2 billion deployed, Goldman is no longer testing the waters; it's making a statement about long-term value and diversification potential.
This shift aligns with broader trends: rising institutional adoption, improved regulatory clarity, and maturing infrastructure across exchanges, custody solutions, and trading platforms.
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Frequently Asked Questions (FAQ)
Q: How much did Goldman Sachs invest in Bitcoin ETFs?
A: As of Q4 2024, Goldman Sachs held $1.27 billion in iShares Bitcoin Trust (IBIT) and $288 million in Fidelity Bitcoin Fund (FBTC), totaling $1.56 billion in direct Bitcoin ETF exposure.
Q: Did Goldman Sachs reduce any crypto holdings?
A: Yes. The firm slashed its position in Grayscale Bitcoin Trust (GBTC) by 97%, reducing it to just $3.6 million, likely due to high fees and persistent discounts to net asset value.
Q: What is Goldman Sachs’ total cryptocurrency exposure?
A: Over $2 billion, including both spot ETFs and derivative positions in Bitcoin and Ethereum.
Q: How has Goldman Sachs’ Ethereum investment changed?
A: Ethereum exposure jumped from $25.1 million to $476.5 million—nearly a 19x increase—showcasing rapidly growing institutional interest beyond Bitcoin.
Q: Are options part of Goldman’s crypto strategy?
A: Yes. The firm holds over $760 million in options linked to Bitcoin ETFs, including significant call and put positions on IBIT and FBTC for hedging and speculation.
Q: Why is Goldman increasing tech stock holdings?
A: Strong fundamentals in AI, cloud computing, and consumer demand make companies like Apple, NVIDIA, and Broadcom attractive long-term bets amid economic uncertainty.
Final Thoughts
Goldman Sachs’ Q4 2024 portfolio update reflects a dual-pronged strategy: doubling down on proven tech leaders while embracing digital assets at scale. With over $2 billion now allocated to crypto—primarily through regulated ETFs—the firm is helping legitimize blockchain-based investments within mainstream finance.
For individual investors, these moves serve as a signal to evaluate their own exposure to innovation-driven equities and emerging asset classes. As Wall Street continues to integrate crypto into traditional portfolios, early recognition of these trends can offer a strategic advantage.
Keywords: Goldman Sachs, Bitcoin ETF, Ethereum ETF, Apple stock, Broadcom, cryptocurrency exposure, institutional investment, Q4 portfolio