Goldman Sachs disclosed nearly US$2bn in crypto ETF holdings in its 13F Form filing for Q4 2025. The report outlines exposure to Bitcoin, Ethereum, XRP, and Solana through the US-listed spot ETFs. The bank reduced its Bitcoin and Ethereum positions during the quarter while initiating new investments in XRP and Solana ETFs. The filing reflects holdings as of 31 December 2025.
This disclosure has come out during a volatile period for digital assets. Bitcoin and Ethereum prices declined sharply in the fourth quarter of 2025. Even as reported values differ from current market levels, Bitcoin and Ethereum remain the largest components of Goldman’s crypto portfolio.
Goldman Sachs reported about US$1.06bn in Bitcoin ETF exposure at the end of Q4. The figure reflects a 39% decline from the previous quarter. Ethereum ETF holdings also fell by roughly 27%, coming down to US$1bn.
Despite these reductions, Bitcoin and Ethereum dominate the bank’s digital asset allocation. Together, they account for most of the reported crypto exposure. The bank holds these assets exclusively through spot exchange-traded funds, not owning the tokens directly.
According to the filing, Goldman holds indirect exposure to about 13,740 BTC through US-based spot Bitcoin ETFs. At the end of Q4, the Bitcoin position carried a reported value of roughly US$1.7bn. With the Bitcoin value declining nearly 50% since then, the current estimated value stands at around US$920m. The 13F filing does not indicate a reduction in the underlying BTC position. The reported changes reflect valuation shifts rather than confirmed asset sales.
While trimming core holdings, Goldman entered two new crypto ETF markets. The bank disclosed approximately US$153m in XRP ETF shares. It also reported about US$108m in Solana ETF exposure.
Both XRP and Solana spot ETFs launched during the fourth quarter, and the new positions align with the recent availability of the product. These allocations remain smaller than Bitcoin and Ethereum holdings and yet show an expansion into additional large-cap digital assets.
Through these moves, Goldman now holds ETF exposure to three of the largest altcoins by market capitalization, with XRP and Solana joining Ethereum as part of the broader allocation. Yet the scale suggests a measured approach rather than a major portfolio overhaul.
The Q4 filing gained traction on X shortly after publication. Market participants highlighted the scale of the reported exposure. Though the figures reflect end-of-quarter valuations, they do not show purchase prices or real-time market values.
Importantly, the decline in reported value does not confirm realized losses. The data captures positions as of 31 December 2025. The structure of the holdings remains clear even though price swings have altered the dollar amounts since then.
Read More: Goldman Sachs Trims Bitcoin ETF Holdings 39.4% in Q4
Financial analysts continue to monitor institutional cryptocurrency adoption. Some projections suggest institutional allocations could reach US$500bn by 2027, representing a notable increase from current levels. Regulatory developments also support broader institutional participation.
Meanwhile, the crypto market continues to evolve. Spot Bitcoin ETFs and regulated derivatives now offer structured entry points. Traditional financial institutions are also expanding their expertise in digital assets. This shift accelerates institutional engagement across the sector.
Industry observers have identified multiple patterns in the market. First, institutions show increasing acceptance of crypto assets as components of their investment portfolio. Second, the number of participants who take part in activities leads to better development of necessary systems.
Third, major markets have made progress in establishing clear regulatory frameworks. The trends show that institutional investors keep showing interest in digital assets, continuing to view them as investment opportunities.
The Q4 2025 filing of Goldman Sachs shows the bank's future trajectory. The bank maintains major investments in Bitcoin and Ethereum cryptocurrencies. The bank is expanding its operations to include new markets through its two operations. The company uses its present operational strategy to handle market uncertainty and seeks to develop its business in new areas at the same time.
The 13F filing by Goldman Sachs for Q4 2025 shows nearly US$2bn in crypto ETF exposure, led by Bitcoin and Ethereum. The bank also added XRP and Solana ETFs, signaling measured diversification. The disclosure highlights sustained institutional crypto adoption as markets evolve.