Goldman Sachs disclosed $2.36 billion in crypto exposure in its Q4 2025 Form 13F filing with the US Securities and Exchange Commission (SEC). The allocation equals 0.33% of its reported investment portfolio.
Notably, the entity holds $1.1 billion in Bitcoin, $1.0 billion in Ethereum, $153 million in XRP, and $108 million in Solana. All exposure comes through exchange-traded funds, not direct token custody.
Goldman oversees roughly $3.6 trillion in assets under supervision as of early 2026. Even at 0.33%, the size makes it one of the largest crypto exposures among major U.S. banks.
Changpeng Zhao noted the filing shows a 15% quarter-over-quarter increase in total crypto exposure despite market volatility.
Goldman held 21.2 million shares across spot Bitcoin ETFs as of Dec. 31, 2025, worth about $1.06 billion. Based on the Q4 filing, Goldman’s indirect exposure equals about 13,741 BTC through spot ETFs.
The filing also shows about $35.8 million in Fidelity’s Wise Origin Bitcoin Fund, roughly $92,000 in American Bitcoin, and around $57,000 in Bitcoin Depot and other related companies. The bank also held IBIT call and put options worth several hundred thousand dollars.
The share count fell 39.4% from the prior quarter. The reduction came during a broader Q4 market decline.
Bitcoin dropped from about $114,000 at the end of September 2025 to roughly $88,400 by year-end. Spot Bitcoin ETFs recorded $1.15 billion in quarterly outflows during that period.
Goldman held 40.7 million shares of spot Ethereum ETFs at the end of Q4, valued at roughly $1.0 billion. That marks a 27.2% decline in share count from the previous quarter.
Ether fell from about $4,140 at the end of September 2025 to $2,970 by year-end. Spot Ether ETFs recorded $1.46 billion in net outflows during Q4.
Despite the reduction in shares, Ethereum remains the second-largest crypto exposure on Goldman’s books.
For the first time, Goldman added positions in spot XRP and Solana ETFs during Q4 2025. XRP exposure totals about $152-153 million. Holdings include $36 million in the 21Shares XRP ETF, $40 million in the Bitwise XRP ETF, $38 million in the Franklin XRP Trust, and $38 million in the Grayscale XRP ETF.
US spot XRP ETFs now hold over $1.04 billion in total net assets. Solana exposure totals about $108-109 million. Main positions include $45 million in Bitwise Solana Staking ETF and $36 million in Grayscale Solana Trust, with the remaining roughly $27–28 million allocated across Solana-linked ETFs.
Related: Goldman Expands Focus on Crypto, Tokenization, and Prediction Markets
