TLDR
- Goldman Sachs cut bitcoin ETF holdings by 39.4% in Q4 2025
- The bank held $1.06B in bitcoin and $1B in Ethereum ETFs by year-end
- XRP and Solana ETFs were added, totaling $260M in new holdings
- Bitcoin dropped from $114K to $88.4K in Q4, affecting ETF exposure
Goldman Sachs reduced its holdings in spot Bitcoin and Ethereum ETFs during the fourth quarter of 2025. According to its recent U.S. Securities and Exchange Commission (SEC) Form 13F filing, the investment bank reported holding $1.06 billion in spot Bitcoin ETFs by December 31. This represents a 39.4% reduction in shares compared to the previous quarter.
The bank also disclosed $1 billion in spot Ethereum ETF holdings, down 27.2% from the third quarter. These reductions came during a period of market volatility, with falling asset prices across the crypto sector.
"Bitcoin is never coming back" – Goldman Sachs, 2018
$2.36 billion in crypto exposure – Also Goldman Sachs, Q4 2025
You cannot fade Bitcoin. pic.twitter.com/wc2Q10cNyu
— Lark Davis (@LarkDavis) February 11, 2026
During Q4, Bitcoin dropped from around $114,000 at the end of September to approximately $88,400 by year-end. Ethereum also declined sharply, ending the quarter at $2,970, down from $4,140.
New Exposure to XRP and Solana ETFs
For the first time, Goldman Sachs reported exposure to crypto assets beyond Bitcoin and Ethereum. The bank added XRP and Solana ETFs to its portfolio during the quarter, totaling approximately $260 million in new positions.
According to the disclosure, the bank held $152.2 million across four different XRP ETFs. These included 2 million shares in the 21Shares XRP ETF valued at $35.9 million, and 1.9 million shares in the Bitwise XRP ETF worth $39.8 million. It also held shares in the Franklin XRP Trust and the Grayscale XRP ETF.
Solana ETF holdings amounted to $108.9 million. The bank invested around $45 million in the Bitwise Solana Staking ETF and $35.7 million in the Grayscale Solana Trust. Smaller holdings were spread across other issuers like Fidelity, 21Shares, VanEck, and Franklin Templeton.
Bitcoin Still Remains Largest Holding
Despite the sharp reduction, Bitcoin remained Goldman Sachs’ largest digital asset holding at the end of Q4. The bank held 20.7 million shares of BlackRock’s iShares Bitcoin Trust (IBIT), valued at over $1 billion. This compares to 33.9 million shares held in the third quarter.
The filing also disclosed large options positions tied to IBIT, though further details were not included in the filing summary.
Goldman Sachs began gaining exposure to spot Bitcoin ETFs in early 2024 after regulatory approval in the U.S. This marked a shift in its strategy compared to its previous cautious stance on crypto assets.
ETF Market Outflows Mirror Crypto Slide
The broader ETF market mirrored the downturn in crypto prices. Spot Bitcoin ETFs saw outflows totaling $1.15 billion during Q4 2025. Ethereum ETFs saw even greater outflows, totaling $1.46 billion for the quarter, based on data from SoSoValue.
These fund movements reflected declining investor sentiment as asset prices fell. Goldman Sachs adjusted its crypto exposure in line with these conditions while expanding into newer crypto ETF offerings.
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