Goldman Sachs scaled back its exposure to spot bitcoin and ether exchange-traded funds in the fourth quarter of 2025, trimming its positions as cryptocurrency markets cooled toward the end of the year.
According to the bank’s latest Form 13F filing with the U.S. Securities and Exchange Commission, Goldman held approximately 21.2 million shares across various spot bitcoin ETFs as of Dec. 31, 2025. Those holdings were valued at about $1.06 billion. That represents a 39.4% decline in share count compared with the third quarter.
The firm also reduced its stake in spot Ethereum ETFs. By year-end, Goldman reported holding roughly 40.7 million shares worth around $1 billion, down 27.2% from the previous quarter.
The portfolio adjustments came during a period of significant volatility in the crypto market. Bitcoin, which had traded near $114,000 at the end of September 2025, fell to roughly $88,400 by Dec. 31. Ether experienced a similar slide, dropping from about $4,140 at the end of the third quarter to $2,970 by year-end.
The broader ETF market reflected the downturn. Data from SoSoValue shows that spot bitcoin ETFs recorded net outflows of $1.15 billion during the fourth quarter, while spot ether ETFs saw $1.46 billion in net outflows over the same period. The pullback in fund flows coincided with declining asset prices and shifting investor sentiment.
At the same time, Goldman expanded into newer segments of the crypto ETF market. The bank disclosed fresh positions in spot XRP and Solana ETFs, both of which launched during the quarter. As of Dec. 31, Goldman held approximately $152.2 million in spot XRP ETFs and $108.9 million in spot Solana ETFs.
The moves suggest a recalibration rather than a retreat. While the firm reduced exposure to bitcoin and ether ETFs amid market pressure, it also diversified into other digital asset products that entered the market during the quarter.
Goldman’s filings offer a snapshot of how one of the world’s largest investment banks is navigating the evolving crypto landscape. As digital asset markets continue to mature, institutional portfolio adjustments like these provide insight into broader trends shaping global finance.
