Goldman Sachs Reveals $2.36 Billion Cryptocurrency ETF Bet
- Goldman reports a 2.36 billion dollar exposure to crypto ETFs in a Q4 filing update.
- Bitcoin and ether slid as ETF investors withdrew billions during the quarter decline.
- The bank accelerates tokenization and stablecoin strategy within institutional trading units.
Goldman Sachs disclosed $2.36 billion in cryptocurrency exposure in its Q4 2025 Form 13F filing, including major positions in Bitcoin and Ethereum through spot ETFs. The filing shows $1.1 billion in bitcoin, $1.0 billion in ether, $153 million in XRP, and $108 million in Solana. The update surfaced as Bitcoin and Ether prices declined sharply in the fourth quarter and ETF investors withdrew billions from crypto funds.
Fox Business journalist Eleanor Terrett first pointed to the figures on social media, noting that the exposure comes through regulated spot crypto exchange-traded funds rather than direct token custody. The disclosure provides one of the clearest snapshots yet of how a major Wall Street bank allocates capital to digital assets.
ETF Exposure and Portfolio Breakdown
According to the filing dated Dec. 31, 2025, Goldman Sachs held about 21.2 million shares across several spot bitcoin ETFs. Those shares carried a combined value of $1.06 billion. Compared with the third quarter, the bank reduced its bitcoin ETF share count by 39.4%.
The broader crypto allocation totaled roughly $2.36 billion. That figure represents about 0.33% of Goldman Sachs’ total reported assets under management in the filing. Although the dollar value appears large, the allocation remains modest within the bank’s overall portfolio.
Meanwhile, Bitcoin fell from about $114,000 at the end of September 2025 to around $88,400 by year-end. Ether dropped from $4,140 to $2,970 over the same period. At the same time, spot bitcoin ETFs recorded $1.15 billion in quarterly outflows, while ether ETFs saw $1.46 billion in net withdrawals, according to SoSoValue data.
Strategic Focus on Tokenization and Stablecoins
Alongside its ETF positions, Goldman Sachs continues to direct resources toward digital asset infrastructure. CEO David Solomon has repeatedly stated that the bank channels investment into tokenization, stablecoins, and blockchain-based market structures. These efforts span research initiatives and institutional trading activities.
In parallel, the bank has drawn attention for its policy engagement. Representatives have participated in government-level discussions focused on stablecoin matters. Solomon has also appeared at industry events addressing the future of digital financial markets.
These developments show how large financial institutions engage with digital assets beyond portfolio exposure. The banks’ involvement in digital assets creates a fundamental question for market observers on how banks will transform their traditional financial operations through blockchain technology.
Related: Goldman Sachs CEO Warns US Crypto Law Faces Delay Push Now
Institutional Signals Amid Market Volatility
The fourth-quarter decline in crypto prices established the conditions that led to Goldman Sachs’ announcement. The market experienced ETF outflows because investors showed increased caution, which happened during the digital asset price decline. The bank kept its multi-billion-dollar investment through regulated products despite its financial losses. Market players use institutional allocation data to determine how investors plan their investments over extended periods.
Despite the headline figure, billion-dollar crypto positions still account for a small fraction of total bank assets. Therefore, the development suggests measured expansion instead of sweeping change. At the same time, institutional activity continues to grow in areas such as tokenization, stablecoins, and regulated trading solutions.
Goldman Sachs’ Q4 2025 filing, combined with public remarks from management and documented ETF data, provides a detailed look at how a leading investment bank navigates digital asset markets during periods of volatility.
