TLDR
- Goldman Sachs reduced its Bitcoin ETF exposure by 39% and Ethereum ETF holdings by 27% in the fourth quarter of 2025.
- The bank made new investments in XRP and Solana ETFs, totaling $152 million and $108 million, respectively.
- Goldman Sachs’s total crypto exposure stands at around $2.3 billion, with Bitcoin and Ethereum still forming the largest portions.
- The new XRP and Solana positions are part of a broader strategy to diversify its crypto holdings beyond Bitcoin and Ethereum.
- These adjustments reflect Goldman Sachs’s cautious approach to crypto, focusing on regulated ETF products for easier compliance.
Goldman Sachs has updated its crypto ETF portfolio for the fourth quarter of 2025, adjusting its positions in major cryptocurrencies. The bank reduced its exposure to Bitcoin and Ethereum while adding new positions in XRP and Solana ETFs. These adjustments, filed as of December 31, reflect a shift towards diversification within the bank’s crypto portfolio.
Goldman Sachs Cuts Bitcoin and Ethereum Positions
Goldman Sachs reduced its holdings in Bitcoin and Ethereum ETFs during the fourth quarter of 2025. The bank’s Bitcoin ETF exposure dropped by 39%, bringing its holdings to around $1.06 billion. Ethereum ETF positions also decreased, with a 27% cut, leaving Goldman Sachs with $1 billion in Ethereum ETF shares.
The drop in Bitcoin and Ethereum positions coincided with weaker crypto market performance in Q4. As Bitcoin prices fell sharply, it appears the bank rebalanced its portfolio to manage risk. Despite these reductions, Bitcoin and Ethereum still represent the largest portions of Goldman Sachs’ crypto exposure.
Goldman Sachs has entered the XRP market with a $152 million position in XRP ETFs. This new position is spread across various XRP ETF products, including Bitwise XRP ETF ($39.8 million) and Franklin XRP Trust ($38.5 million). The bank’s decision to invest in XRP signals its interest in diversifying beyond Bitcoin and Ethereum, even as the market remained volatile in Q4.
高盛在 2025 年第四季度大幅削减了其现货比特币和以太坊 ETF 的持仓，减仓幅度较上季度分别达 39.4% 和 27.2%。根据高盛向美国证券交易委员会提交的最新 13F 文件，截至 2025 年 12 月 31 日，其持有的现货比特币 ETF 份额约为 2120 万股，总价值 10.6 亿美元；现货以太坊 ETF 持仓约 4070… https://t.co/critaBGKZg
— 吴说区块链 (@wublockchain12) February 11, 2026
The new XRP ETF position follows the recent launch of XRP funds during the fourth quarter. Goldman Sachs’s total XRP investment is part of a broader strategy to gain exposure to alternative crypto assets. While the investment in XRP is still smaller than its Bitcoin and Ethereum holdings, it signals growing institutional interest in utility-focused altcoins.
Goldman Sachs Expands in Solana ETFs
Goldman Sachs has also added Solana ETFs to its portfolio, investing approximately $108 million. The largest part of this position is held in the Bitwise Solana ETF, with an allocation of $45.4 million. The bank also holds $35.7 million in Grayscale Solana Trust, marking its cautious entry into Solana investments.
The move to invest in Solana follows the launch of new Solana ETFs in the fourth quarter. Like its XRP position, Goldman Sachs’s Solana holdings are smaller compared to Bitcoin and Ethereum. The bank’s investments show an evolving crypto strategy, testing exposure to newer, high-potential assets.
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