Goldman Sachs recently submitted its Q4 2024 13F filing to the U.S. Securities and Exchange Commission (SEC), revealing significant updates to its investment portfolio. The filing offers insights into the firm’s strategic moves in both traditional equities and the rapidly evolving cryptocurrency market.
The bank’s total portfolio value reached $630 billion, up from $620 billion in the previous quarter—a modest but notable increase of 0.8%. During this period, Goldman Sachs added 637 new stocks, increased its positions in 2,959 stocks, and exited 433 holdings while reducing its stake in 1,955 others. Notably, the top ten holdings accounted for 20.97% of the total portfolio value.
Top Equity Holdings in Q4 2024
Here’s a breakdown of Goldman Sachs’ largest equity positions by the end of December 2024:
Apple (AAPL.US) remained the top holding with approximately 91.06 million shares, valued at $22.8 billion. This position accounted for 3.59% of the portfolio and saw a 5.25% increase from the prior quarter.
NVIDIA (NVDA.US) held the second position with around 141 million shares, worth nearly $18.98 billion. The stake represented 2.99% of the portfolio and grew by 1.94%.
SPDR S&P 500 ETF Trust came in third with 32.27 million shares valued at $18.91 billion. Unlike others, this position was reduced by 2.63%.
Microsoft (MSFT.US) was the fourth-largest holding. Goldman Sachs held 43.26 million shares worth $18.24 billion, marking a slight increase of 0.66%.
Amazon (AMZN.US) rounded out the top five with 50.01 million shares valued at $10.97 billion. This represented a reduction of 8.66% from the prior quarter.
Other notable increases within the top ten holdings included significant additions to Meta (META.US) and Broadcom (AVGO.US).
Major Expansion in Cryptocurrency Exposure
One of the most striking developments in Goldman Sachs’ Q4 portfolio was its aggressive expansion into cryptocurrency-based assets. The bank’s total exposure to cryptocurrency through Bitcoin and Ethereum ETFs surpassed $2 billion by the end of the quarter.
Bitcoin Investments
Goldman Sachs’ Bitcoin-related exposure reached $1.56 billion—more than double the $710 million reported in the previous quarter.
Key positions included:
- iShares Bitcoin Trust (IBIT): 24.08 million shares valued at $1.27 billion, an increase of over 88%.
- Fidelity Wise Origin Bitcoin Fund (FBTC): 3.53 million shares worth $288 million, growing by 105%.
The bank also adjusted its portfolio by reducing exposure to smaller Bitcoin ETFs. For instance, it slashed its position in the Grayscale Bitcoin Trust by 97%, bringing it down to $3.6 million.
In addition to direct ETF holdings, Goldman engaged in Bitcoin options trading. The firm reported:
- $157 million in iShares Bitcoin Trust call options
- $527 million in iShares Bitcoin Trust put options
- $84 million in Fidelity Wise Origin Bitcoin Fund put options
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Ethereum Investments
Goldman Sachs also significantly increased its Ethereum holdings, with exposure rising nearly 19-fold—from $25.1 million in Q3 to $476.5 million in Q4.
Key Ethereum ETF positions included:
- Fidelity Ethereum Fund: $234.7 million
- iShares Ethereum Trust: $235.5 million
- Grayscale Ethereum Trust: $6.3 million
Despite this substantial growth, Ethereum still represented only about 30% of the bank’s total cryptocurrency exposure.
Top Buys and Sells
Goldman Sachs’ largest new acquisitions in Q4 were:
- NVIDIA
- Broadcom
- Apple
- S&P 500 ETF call options
- TC Energy put options
The most significant sell-offs included:
- iShares Russell 2000 ETF
- Microsoft
- iShares Core S&P 500 ETF
- TC Energy
- Royal Bank of Canada
Frequently Asked Questions
What is a 13F filing?
A 13F filing is a quarterly report required by the SEC from institutional investment managers with over $100 million in assets. It provides transparency into their equity holdings and investment strategies.
Why did Goldman Sachs increase its crypto exposure?
Growing institutional acceptance and the maturation of cryptocurrency ETFs have made digital assets a more viable investment class. Goldman’s increased exposure reflects a strategic move to diversify and capture potential returns in this emerging market.
Which cryptocurrency did Goldman invest in the most?
Bitdominated the bank’s crypto portfolio, accounting for nearly 70% of its $2+ billion exposure. The majority of this was held through spot ETFs and options contracts.
Did Goldman reduce any major tech holdings?
While the bank increased its positions in Apple and NVIDIA, it reduced its holdings in Amazon and Microsoft, indicating a strategic reallocation within the tech sector.
What are the risks of investing in cryptocurrency ETFs?
Cryptocurrency ETFs are subject to high volatility, regulatory changes, and market sentiment. While they offer exposure without direct ownership, they still carry significant risk compared to traditional assets.
Goldman Sachs’ latest 13F filing highlights a balanced yet progressive strategy—boosting stakes in established tech giants while boldly expanding into the cryptocurrency arena. This dual approach demonstrates how major financial institutions are adapting to both traditional and digital asset opportunities.