Wall Street investment bank Goldman Sachs scaled back its stakes in major crypto ETFs in the fourth quarter of 2025, slashing Bitcoin and Ethereum holdings while turning to newer tokens, according to the latest filing with the Securities and Exchange Commission (SEC).
The filings show that the investment giant’s crypto exposure is through regulated ETFs, such as BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin ETF, rather than direct cryptocurrency holdings. Goldman Sachs currently holds over $2.36 billion in crypto assets.
Shifting Focus to XRP and Solana
According to the data, the bank’s allocations include more than $1.06 billion in spot Bitcoin ETFs and over $1 billion in spot Ethereum ETFs, representing declines of 39.4% and 27.2%, respectively, compared with the third quarter.
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However, in Q4, Goldman Sachs added positions in XRP and Solana ETFs, holding $152.2 million in XRP and approximately $108 million in Solana by the end of 2025.
Bitcoin ETFs make up the largest portion, accounting for more than 45% of Goldman Sachs’ total crypto exposure. Overall, the investment bank manages more than $3.5 trillion in assets, with its crypto holdings representing about 0.33% of its reported portfolio.
Crypto Market Faces Broad Q4 Decline
The broader crypto market struggled in the fourth quarter, with Bitcoin tumbling from roughly $114,000 at the end of September 2025 to about $88,400 by year-end. ETH also slid, falling to $2,970 from $4,140 over the same period.
The downturn hit crypto ETFs as well. According to Farside data, investors have withdrawn more than $6 billion from spot Bitcoin ETFs since October 2025.
Goldman Sachs Engages on Stablecoin Regulation
Goldman Sachs released a report the same day it joined the White House meeting on stablecoin yields, where crypto and banking representatives discussed potential compromises over which account activities and rewards would be allowed.
Attendees included Ripple, Coinbase, a16z, Paxos, major banks, and governmental officials.
According to journalist Eleanor Terrett, progress is being made on exemptions and permissible activity definitions, but key regulatory disputes remain, with March 1 set as the target for resolution.
Why This Matters
Goldman Sachs’ disclosures underscore that major financial institutions are maintaining and expanding crypto ETF exposure, reflecting cautious optimism in digital assets despite volatility.
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A crypto ETF (exchange-traded fund) is a financial product that tracks the price of a cryptocurrency like Bitcoin or Ethereum. Investors can buy and sell ETF shares on traditional stock exchanges, providing exposure to crypto without holding it directly.
Institutions like Goldman Sachs may reduce holdings during market downturns, to rebalance risk, or to shift capital toward emerging tokens that offer growth opportunities or diversification.
Adding XRP and Solana ETFs suggests Goldman Sachs is diversifying its crypto exposure, seeking potential growth in emerging digital tokens while maintaining risk controls.
