Goldman Sachs reported more than $2.36 billion in digital asset exposure in its Q4 2025 Form 13F filing with the U.S. Securities and Exchange Commission. The disclosure shows allocations across Bitcoin, Ethereum, XRP, and Solana through exchange-traded funds, with crypto representing about 0.33% of its reported investment portfolio.
The filing details roughly $1.1 billion in Bitcoin ETF exposure and about $1.0 billion in Ethereum ETFs. The bank also reported new positions in XRP and Solana ETFs valued at about $152 million and $109 million. The structure reflects a strategy centered on regulated products rather than direct token custody.
Goldman Sachs oversees about $3.6 trillion in assets under supervision for institutional and private clients. The firm operates global trading, wealth management, and advisory divisions, which makes its portfolio disclosures closely watched across financial markets.
🚨Goldman Sachs disclosed its crypto holdings in a new filing:
— HodlFM (@Hodl_fm) February 11, 2026
- $1.1B $BTC
- $1B $ETH
- $153M $XRP
- $108M $SOL pic.twitter.com/Fwu54YJe3a
Portfolio shifts reflect market downturn in late 2025
The fourth quarter brought a broad correction across crypto markets. Bitcoin fell from about $114,000 at the end of September 2025 to around $88,400 by year-end. Ether declined from about $4,140 to roughly $2,970 over the same period.
ETF flows mirrored the price movement. Spot bitcoin ETFs recorded $1.15 billion in net outflows during the quarter, while ether ETFs posted about $1.46 billion in net outflows, according to SoSoValue data.
Goldman Sachs reduced positions in both assets during the same period. The filing shows a 39.4% drop in shares of spot bitcoin ETFs and a 27.2% decline in spot ether ETF holdings compared with the third quarter. The bank maintained exposure but adjusted allocation levels as market conditions shifted.
At the same time, the firm opened positions in XRP and Solana ETFs that launched during the quarter. The move broadened exposure beyond the two largest crypto assets while maintaining ETF-based access.
XRP ETF exposure and early fund momentum
Goldman Sachs’ XRP allocation sits at about $152 million through ETF products. U.S. spot XRP ETFs hold more than $1.04 billion in total net assets and have recorded only four days of outflows during their first 56 days of trading, based on SoSoValue figures.
The ETF route offers exposure within a structure aligned with compliance and liquidity requirements. The bank continues to approach crypto through regulated investment vehicles and structured products.
Nearly 90% of its crypto allocation remains concentrated in Bitcoin and Ethereum. The distribution signals a focus on assets with deeper liquidity and institutional infrastructure, while smaller positions provide exposure to newer ETF markets.
Long evolution from skepticism to participation
Goldman Sachs held a skeptical stance on Bitcoin for years. Before 2020, internal research and public commentary described the asset as speculative, with limited function as money and no intrinsic cash flows. The firm emphasized volatility and regulatory risks and avoided positioning crypto as suitable for conservative portfolios.
The position shifted after institutional demand increased in 2020 and 2021. Goldman restarted its crypto trading desk, expanded derivatives access, and acknowledged Bitcoin’s role as a potential inflation hedge in research publications. The firm still stopped short of labeling it a core asset class.
The crypto market downturn in 2022 reinforced concerns about infrastructure and counterparty risk. The firm stressed operational safeguards and compliance frameworks in subsequent communications.
Recent activity shows a cautious but steady approach. Goldman participates through ETFs, structured products, and tokenization initiatives. The strategy keeps risk contained while maintaining market exposure.
Allocation structure highlights institutional priorities
The portfolio structure shows nearly equal exposure to Bitcoin and Ethereum despite a large gap in market capitalization between the two assets. The decision departs from strict market-cap weighting and reflects allocation logic tied to liquidity, infrastructure, and institutional demand.
The firm reduced both BTC and ETH ETF holdings in the fourth quarter but retained large positions. The reduction in ether holdings remained smaller than the reduction in bitcoin holdings. The portfolio still concentrates on the two largest assets while testing newer ETF markets such as XRP and Solana.
Goldman’s total investment portfolio stood near $811.1 billion during the same reporting period. Crypto exposure remains small relative to that scale, which positions the allocation as measured participation rather than a core strategy.
Institutional entry continues through regulated products
Wall Street participation in crypto has moved toward ETFs, derivatives, and tokenization projects. The focus rests on compliance, liquidity, and client demand. Large financial institutions often use regulated vehicles to enter volatile markets.
The fourth-quarter filing captures this approach. Goldman reduced exposure during a downturn, added new ETF positions, and maintained core allocations in established assets. The pattern reflects a balance between risk control and market access.
Portfolio disclosures from major banks often shape expectations around institutional sentiment. The latest filing underscores a steady transition from skepticism to structured involvement, with allocation decisions tied to regulation, infrastructure, and demand from clients rather than short-term price momentum.
Oleksii Shumak
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