TLDR
- Goldman Sachs decreased bitcoin ETF positions by 39.4% in Q4 2025, ending the quarter with $1.06 billion in holdings across multiple funds.
- The bank’s bitcoin exposure has declined 45% in value since the filing date as bitcoin dropped from $112,000 to $68,700.
- Goldman added $152.2 million in XRP ETFs and $108.9 million in Solana ETFs during the fourth quarter.
- The firm maintains over $1.1 billion in Ethereum ETF holdings, exceeding its bitcoin allocation.
- Goldman holds $600 million in put options versus $157 million in call options on bitcoin ETFs, indicating hedging strategy.
Goldman Sachs trimmed its spot bitcoin ETF positions during the fourth quarter of 2025, new SEC filings reveal. The Wall Street bank reported $1.06 billion in bitcoin ETF holdings as of December 31, 2025.
The firm held approximately 21.2 million shares across various spot bitcoin ETFs at year-end. This marked a 39.4% decrease from its third quarter position.
Goldman also reduced ethereum exposure during Q4 2025. The bank held about 40.7 million shares of spot ethereum ETFs worth roughly $1 billion. This represented a 27.2% decline from the previous quarter.
The drawdown occurred as crypto markets experienced volatility. Bitcoin prices fell from around $114,000 at the end of September to approximately $88,400 by December 31. Ethereum dropped from $4,140 to $2,970 during the same timeframe.
Spot bitcoin ETFs recorded $1.15 billion in quarterly outflows during Q4 2025. Ethereum ETFs saw $1.46 billion in net outflows, according to SoSoValue data.
Current Value Shows Steep Decline
Goldman’s bitcoin holdings have lost value since the filing date. At today’s bitcoin price of $68,700, the bank’s ETF exposure is worth approximately $944 million. This reflects a $766 million decline from the reported filing value.
The bank maintains indirect exposure to roughly 13,741 bitcoin through spot ETFs. Goldman does not hold bitcoin directly on its balance sheet.
BlackRock’s iShares Bitcoin Trust accounts for the largest portion of Goldman’s bitcoin exposure. The bank holds over 19 million shares, representing about 11,400 bitcoin. Other positions include Fidelity’s Wise Origin Bitcoin Fund and Grayscale’s Bitcoin Trust.
Goldman reported $157 million in call options on bitcoin ETFs. The firm held more than $600 million in put options. Put options gain value when prices decline, suggesting a hedging approach.
Ethereum Leads Goldman’s Crypto Exposure
Ethereum represents Goldman’s biggest crypto bet by dollar value. The bank holds more than $1.1 billion in ethereum ETFs. This surpasses its bitcoin allocation.
Primary ethereum holdings include iShares Ethereum Trust and Fidelity Ethereum Fund. Goldman also maintains a position in Grayscale’s Ethereum Trust.
The investment bank entered new crypto markets during Q4. Goldman held $152.2 million in XRP ETFs at year-end. The firm reported $108.9 million in Solana ETF holdings.
XRP positions total roughly $114 million across Bitwise, Franklin Templeton and 21Shares products. Solana exposure sits near $2 million through two ETF products. Over 99% of Goldman’s bitcoin ETF exposure comes through spot products rather than futures-based funds.
Form 13F filings show holdings at quarter-end, not purchase prices. Current valuations reflect present market conditions. The reported decline does not necessarily indicate realized losses, as the bank may still hold these positions.