Goldman Sachs conducted a broad de-risking of its crypto positions in the fourth quarter of 2025. Bitcoin ETF holdings dropped by 39.4 percent to 21.2 million shares. Ethereum ETF holdings fell by 27.2 percent to 40.7 million shares.
At the same time, the bank built positions in XRP and Solana for the first time, totaling 261 million USD across ten different ETF products. This is according to the 13F filing that Goldman submitted to the SEC on February 10, 2026. Total crypto exposure stands at 2.36 billion USD, or 0.33 percent of the investment portfolio.
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De-risking after the Bitcoin decline
Bitcoin fell from around 126,000 USD to 88,000 USD in the fourth quarter of 2025, a drop of 30 percent. Goldman responded with significant position cuts. Share counts show the extent more clearly than dollar values. From around 35 million Bitcoin ETF shares, holdings shrank to 21.2 million. For Ethereum, they went from around 55.9 million to 40.7 million shares.
Goldman Sachs Asset Management manages these positions primarily for clients, not as proprietary trading. As a result, the filing reflects the risk appetite of institutional investors. After a price decline of more than 20 percent in a single quarter, risk aversion among this clientele is expected.
On top of that, Goldman held substantial put options. By early 2026, the bank held puts worth over 600 million USD, compared to just 157 million USD in calls. Such structures point to a cash-and-carry trade. Here, the bank hedges long ETF positions with derivatives, earning arbitrage returns while minimizing price risk. This is not a directional bet on rising prices, but rather structured products.
First positions in XRP and Solana
Beyond the de-risking, Goldman diversified into two crypto assets that had not previously been in its portfolio. A total of 153 million USD flowed into XRP ETFs, spread across four providers. 21Shares received 35.9 million USD, Bitwise 39.8 million, Franklin Templeton 38.4 million, and Grayscale 37.9 million USD. Notably, the weighting across all issuers is nearly equal.
For Solana, Goldman invested 108 million USD across six products. The largest allocation went to the Bitwise Solana Staking ETF at 45 million USD. Next came the Grayscale Solana Trust ETF at 35.7 million USD. Smaller positions went to products from Fidelity, VanEck, 21Shares, and Franklin Templeton.
Together, the new positions account for roughly 11 percent of total crypto exposure. Bitcoin's share stands at 1.06 billion USD, Ethereum's at around 1 billion USD. XRP and Solana therefore remain clearly underweighted. Still, the entry across ten different ETFs signals a systematic allocation, not a spontaneous one-off decision.
From crypto skeptic to multi-asset investor
Goldman's transformation took less than two years. As recently as April 2024, the bank publicly stated it was not a "believer" in crypto. Yet by the fourth quarter of 2024, Goldman had begun building substantial Bitcoin ETF positions. In the first quarter of 2025, the bank held 30.8 million IBIT shares worth 1.4 billion USD. At that point, Goldman was the largest holder of BlackRock's Bitcoin ETF. By the third quarter of 2025, Bitcoin holdings had grown to an estimated 35 million shares, supplemented by a large Ethereum position.
Now, the Q4 rebalancing marks the first reduction since the start of the crypto allocation. At the same time, Goldman set a strategic course. In December 2025, the bank announced the acquisition of ETF provider Innovator for 2 billion USD. This deal is expected to close in the second quarter of 2026. Going forward, Goldman could launch its own crypto ETFs rather than holding exclusively third-party products.
Institutional positioning under pressure
Bitcoin has fallen from its September high of 126,000 USD to 67,000 USD by February 2026. That represents a decline of nearly 50 percent. Goldman's Q4 de-risking appears prescient in this context, even though 13F data only provides a snapshot as of December 31.
In early January 2026, Goldman analysts published a report identifying regulatory reform as the biggest catalyst for institutional crypto adoption. According to the findings, 35 percent of surveyed institutions cited regulatory uncertainty as the largest barrier. Specifically, Goldman sees potential in tokenization and decentralized financial infrastructure, should the regulatory framework become clearer in 2026.
Goldman is not alone in this strategy. Morgan Stanley also maintains significant Bitcoin ETF positions through its asset management arm. Traditional banks use regulated ETF vehicles as their preferred gateway to the crypto market. Across the industry, the pattern is consistent: exposure yes, but through controlled, regulated structures.
