Goldman Sachs Cuts Bitcoin and Ethereum ETF Exposure in Q4, Adds $261M Across XRP and Solana Products

ETF Rebalance Reveals Q4 De-Risking, New Altcoin Exposure, and $2.36B Total Crypto Allocation

TL;DR

• Goldman Sachs reduced spot Bitcoin and Ethereum ETF holdings in Q4 2025 while initiating positions in XRP and Solana ETFs.
• The bank’s total crypto-linked exposure stood at $2.36 billion, equal to 0.33% of its investment portfolio.
• The adjustments were disclosed in a Form 13F filing submitted on February 10, 2026, reflecting positions as of December 31, 2025.

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Goldman Sachs disclosed a broad rebalancing of its cryptocurrency-linked investments after cutting exposure to spot Bitcoin and Ethereum exchange-traded funds during the fourth quarter of 2025, according to a regulatory filing submitted to the U.S. Securities and Exchange Commission on February 10, 2026. The filing, which captures holdings as of December 31, 2025, showed the investment bank reduced its spot Bitcoin ETF position by 39.4% to 21.2 million shares, valued at $1.06 billion at year-end. The move marked the first reduction in Bitcoin ETF exposure since the firm began building crypto-linked positions through regulated products.

Ethereum-linked exposure was also trimmed during the same period. Goldman reduced its spot Ethereum ETF holdings by 27.2%, leaving the bank with 40.7 million shares worth approximately $1.0 billion at the close of 2025. The combined reductions came as digital asset markets declined sharply during the quarter, with the crypto price index tracking a broad downturn across major assets and ETF flows. Market data showed spot Bitcoin ETFs recorded $1.15 billion in net outflows during the quarter, while spot Ethereum ETFs posted $1.46 billion in withdrawals.

At the same time, Goldman initiated new exposure to alternative digital assets through regulated vehicles. The filing showed first-time positions in spot XRP and Solana ETFs, totaling $261 million spread across ten products. The allocation included $152.2 million in XRP ETFs and $108.9 million in Solana ETFs, both of which launched during the fourth quarter. After the adjustments, Goldman’s total crypto-related exposure reached $2.36 billion, accounting for 0.33% of its overall investment portfolio, according to the filing.

The rebalancing followed a period of heightened volatility in crypto prices. Bitcoin declined from about $114,000 at the end of September 2025 to around $88,400 by year-end, while Ether fell from roughly $4,140 to $2,970 over the same span. By February 2026, Bitcoin had dropped further to approximately $67,000, representing a nearly 50% decline from its September peak near $126,000, based on market pricing data referenced alongside the filing.

Historical disclosures show Goldman had expanded its crypto ETF exposure steadily before the fourth-quarter pullback. During the first quarter of 2025, the bank held 30.8 million shares of BlackRock’s spot Bitcoin ETF valued at $1.4 billion, making it the largest known holder of that product at the time. Holdings grew further to an estimated 35 million shares by the third quarter before the Q4 reduction. The firm’s exposure to digital assets has remained exclusively through ETFs rather than direct token holdings, according to the filings.

The Q4 adjustments coincided with broader institutional caution toward crypto-linked products. Spot ETFs were used as the primary access point for large financial institutions seeking exposure while managing custody and regulatory considerations tied to coin market cap–weighted assets and benchmark crypto price movements. Commentary accompanying the filing described the positions as actively managed, with portfolio decisions driven by market conditions, regulatory developments, and client risk preferences.

Separately, Goldman announced in December 2025 that it agreed to acquire ETF provider Innovator for $2 billion, with the transaction expected to close in the second quarter of 2026. The acquisition would allow the firm to launch proprietary ETF products, including potential crypto-linked offerings, rather than relying solely on third-party issuers. Earlier internal research published in January 2026 identified regulatory reform as the largest catalyst for institutional adoption, noting that 35% of surveyed institutions cited regulatory uncertainty as the main barrier to deeper involvement in digital assets.

This article has been refined and enhanced by ChatGPT.