Isabella García
BlackRock’s flagship spot Bitcoin ETF, IBIT, is dominating the crypto ETF market in 2025, notching an unprecedented 20 consecutive trading days of net inflows, according to the latest data from SoSoValue.
Over the past month, IBIT has absorbed approximately $5.1 billion, outpacing every other U.S.-listed spot Bitcoin ETF. As Bitcoin’s price continues its upward trend, the total net asset value held by U.S. spot Bitcoin funds has surged past $121 billion — the highest point since January.
A recent SEC filing revealed that Goldman Sachs has significantly increased its stake in IBIT, boosting its holdings by 28% since the beginning of Q1 2025. The firm now holds 30.8 million shares, currently valued at around $1.4 billion, making it the largest publicly known IBIT holder globally.
Additionally, Goldman Sachs also owns 3.5 million shares of FBTC, the second-largest spot Bitcoin ETF by assets under management, totaling roughly $315 million in value. The firm added approximately 30,000 shares to FBTC during Q1 2025, according to the same filing.
Options Activity and Derivatives Exposure Signal Bigger Strategy
The December 2024 filing also highlighted IBIT call options valued at $157 million, and put options worth $527 million. For FBTC, put positions totaling $84 million were disclosed. However, none of these derivative positions appeared in Goldman’s most recent 13F filing, suggesting a strategic shift or closure.
This expanded ETF exposure comes shortly after Goldman Sachs made its first public acknowledgment of crypto in its annual shareholder letter. The firm’s Head of Digital Assets, Mathew McDermott, stated during Token2049 that stablecoin regulation could further accelerate crypto adoption among financial institutions.
“If regulations make stablecoins easier to integrate, we could see rapid digital currency adoption by major players,” McDermott explained.
BlackRock, SEC Continue Crypto Dialogue
Meanwhile, BlackRock continues its active dialogue with regulators, holding a meeting with the SEC’s Crypto Task Force to discuss the possibility of staking capabilities and options trading on crypto ETFs. The SEC has been engaging more frequently with digital asset stakeholders in recent months, reflecting a shift toward more industry-friendly oversight.
