Goldman Sachs Reports $2.36B in Crypto Holdings, Cuts ETF Stakes in Q4 2025

Highlights:

• Goldman Sachs significantly cut its BTC ETF holdings by approximatley 40% in Q4 last year amid market volatility.
• The bank reduced its spot Ethereum ETF position by 27.2%, now worth around $1 billion.
• Goldman added new positions in XRP and Solana ETFs totaling approximately $261 million.

Goldman Sachs reduced its Bitcoin (BTC) Exchange-Traded Fund (ETF) holdings by about 40% in Q4 last year, according to its latest 13F filing with the U.S. Securities and Exchange Commission. By year-end, the bank held around 21.2 million shares of spot Bitcoin ETFs, worth roughly $1.06 billion.

Its spot Ethereum ETF holdings also fell to about 40.7 million shares, valued near $1 billion, a 27.2% decline from the previous quarter. Meanwhile, Goldman added positions in newer XRP and Solana spot ETFs, holding roughly $152.2 million in XRP and $108.9 million in Solana by Dec 31. 

🚨NEW: Wall Street investment bank @GoldmanSachs just revealed it holds $1.1B $BTC, $1B $ETH, $153M $XRP and $108M $SOL.

Goldman has representation at the White House meeting on stablecoin yield today. Its CEO David Solomon is scheduled to speak at @worldlibertyfi Forum in Palm…

— Eleanor Terrett (@EleanorTerrett) February 10, 2026

Goldman Sachs Holds $2.36 Billion in Crypto, Led by Bitcoin ETFs

Overall, its crypto exposure across Bitcoin, Ethereum, XRP, and Solana reached about $2.36 billion, making it one of the largest U.S. banks in digital assets. The bank holds most of its crypto in BlackRock’s iShares Bitcoin Trust ETF (IBIT). It also has about $35.8 million in Fidelity’s Wise Origin Bitcoin Fund, $92,000 in American Bitcoin, and $57,000 in Bitcoin Depot and other mining or cloud companies. The bank also holds many IBIT calls and puts. 

Goldman Sachs started exploring digital assets more than five years ago, taking careful steps. In 2022, it made its first Bitcoin-backed loan and a non-deliverable Bitcoin options trade, marking key milestones in its move into crypto. Goldman Sachs leaders have, for many years, avoided Bitcoin, claiming it was not an investment worth making.

However, this changed in 2024 when the bank, through SEC filings, was found to be purchasing Bitcoin exchange-traded funds, including IBIT and Fidelity Wise Origin Bitcoin Fund. During this period, the bank’s holdings increased significantly. However, the latest filings reveal a pullback, which reflects broader caution as crypto markets faced volatility and large ETF outflows.

Bitcoin Price Volatility Triggers ETF Outflows and Market Caution

The drop in holdings happened during wild Bitcoin price moves. The cryptocurrency could not stay above $70,000. It fell sharply below $70,000 and $60,000, then stabilized near $60,000. Later, buyers pushed the price back to $71,700, and it closed the week around $70,315.

Even with this rebound, sentiment stayed negative as sellers controlled most of the fall. Resistance levels changed. First rejection appeared at $71,800. Stronger resistance came at $74,500, $79,000, and $84,000. On the downside, bulls had to protect $65,650 and $63,000. $60,000 became a key support, just above the 0.618 retracement at $57,800.

Bitcoin ETFs mirrored the weakness, showing $1.15 billion in quarterly outflows. Ether ETFs did worse, with $1.46 billion leaving in the same period, according to SoSoValue.

Observers said Goldman’s similar holdings in Bitcoin and Ethereum are notable. Simon Dedic, founder of Moonrock Capital, called it “very interesting” and said the bank seems more bullish on Ethereum than Bitcoin. Binance’s Changpeng Zhao highlighted that Goldman Sachs’ total crypto holdings rose 15 % from last quarter.

"Goldman Sachs' Q4 2025 13F filing reveals $2.36 billion in crypto assets, marking a 15% quarter-over-quarter increase despite market volatility."

Crypto is probably the only place you had an earlier start than the banks. But if you sold your crypto last quarter, while the banks… https://t.co/nNw9l1apOC

— CZ 🔶 BNB (@cz_binance) February 10, 2026