Haciyev Reşit 
U.S.-based investment banking giant Goldman Sachs has publicly disclosed its crypto holdings in its latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC). The bank stated that approximately 0.33% of its total portfolio is allocated to crypto assets, holding $1.1 billion in Bitcoin, $1 billion in Ethereum, and, for the first time, positions in XRP and Solana. According to the data, Goldman Sachs increased its crypto holdings by 15% compared to the previous quarter.
Details of Goldman Sachs’s Crypto Portfolio
As of December 31, 2025, Goldman Sachs’s crypto allocation was as follows:
- $1.1 billion in Bitcoin (via spot ETFs)
- $1 billion in Ethereum (via spot ETFs)
- $153 million in XRP ETFs
- $108 million in Solana ETFs
This filing confirmed for the first time that Goldman Sachs holds positions in XRP and Solana ETFs, signaling that the bank is diversifying beyond just Bitcoin and Ethereum.
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Although total crypto holdings increased, the bank reduced its spot Bitcoin and Ethereum ETF positions in Q4:
- Spot Bitcoin ETF shares down 39.4%
- Spot Ethereum ETF shares down 27.2%
At the end of 2025, Goldman Sachs held approximately 21.2 million shares across various spot Bitcoin ETFs, valued around $1.06 billion. For Ethereum ETFs, the bank held roughly 40.7 million shares, totaling about $1 billion.
Market Decline and ETF Outflows Played a Role
This rebalancing coincided with a broad market correction in crypto. Bitcoin fell to around $59,900 in 2026, while Ethereum dropped to approximately $1,870, reflecting broader market risk-off sentiment.
During this period, significant capital outflows occurred from spot Bitcoin and Ethereum ETFs, which are popular among institutional investors: about $1.15 billion exited Bitcoin ETFs and $1.46 billion exited Ethereum ETFs. This context suggests that Goldman Sachs’s reduction of BTC and ETH ETF positions was a risk management response aligned with market conditions, price pressure, and fund flows, rather than a standalone strategy shift.
Evaluation
Goldman Sachs’s $1.1 billion Bitcoin and $1 billion Ethereum holdings, along with new positions in XRP and Solana ETFs, demonstrate that institutional interest in crypto remains strong. While the bank reduced BTC and ETH ETF positions in Q4, the new altcoin positions indicate a diversification approach within its crypto strategy. Although the proportion of institutional capital allocated to crypto remains limited (0.33%), such disclosures are critical for market perception and long-term adoption.
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