Goldman Sachs Slashes Bitcoin ETF Holdings by 40% in Q4 2025

TLDR

• Goldman Sachs reduced its spot bitcoin ETF holdings by 39.4% and ether ETF holdings by 27.2% in Q4 2025, holding $1.06 billion and $1 billion respectively by year-end.
• The bank’s bitcoin exposure through ETFs has lost about 45% of its value since the filing date due to bitcoin’s price drop from $112,000 to $68,700.
• Goldman added new positions in XRP and Solana ETFs during Q4, worth $152.2 million and $108.9 million respectively.
• The firm holds over $600 million in put options on bitcoin ETFs, substantially more than its $157 million in call options, suggesting downside protection.
• Goldman’s largest crypto allocation is actually Ethereum at over $1.1 billion, exceeding its bitcoin holdings through ETFs like iShares and Fidelity products.

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Goldman Sachs reduced its spot bitcoin and ether exchange-traded fund holdings during the fourth quarter of 2025, according to new filings with the U.S. Securities and Exchange Commission. The investment bank held $1.06 billion in spot bitcoin ETFs as of December 31, 2025.

This represented a 39.4% decline in share holdings compared with the third quarter. The firm held about 21.2 million shares across various spot bitcoin ETFs at year-end.

Goldman also reduced its ether ETF positions during the same period. The bank held roughly 40.7 million shares of spot Ethereum ETFs valued at about $1 billion by year-end. This marked a 27.2% drop in shares from the previous quarter.

The reduction came during a turbulent period for crypto markets. Bitcoin fell from approximately $114,000 at the end of September 2025 to around $88,400 by year-end. Ether dropped to $2,970 at the end of last year from $4,140 at the end of September.

Spot bitcoin ETFs saw quarterly outflows of $1.15 billion during Q4 2025. Ether ETFs reported $1.46 billion in net outflows during the same period, according to data from SoSoValue.

Goldman’s bitcoin holdings have experienced further declines since the filing date. At current bitcoin prices of roughly $68,700, the bank’s exposure through ETFs is now worth about $944 million. This represents an implied decline of approximately $766 million from the filing value.

Goldman’s ETF Strategy and Derivatives Position

The bank holds indirect exposure to approximately 13,741 bitcoin through spot bitcoin ETFs. Goldman does not hold bitcoin directly on its balance sheet. Instead, its exposure comes through spot bitcoin ETFs that hold bitcoin on behalf of shareholders.

The bulk of Goldman’s bitcoin exposure sits in BlackRock’s iShares Bitcoin Trust. The bank holds more than 19 million shares of this fund, representing an estimated 11,400 bitcoin. Additional positions include Fidelity’s Wise Origin Bitcoin Fund, Grayscale’s Bitcoin Trust, and Bitwise’s BITB.

Goldman reported roughly $157 million in call options tied to bitcoin ETFs. The firm held more than $600 million in put options, which increase in value when prices fall. The size of the put positions substantially outweighs the calls.

Such derivatives are commonly used by large banks for market-making and hedging. These positions may offset a portion of the paper decline in spot holdings.

Ethereum Position Exceeds Bitcoin Holdings

Ethereum represents Goldman’s largest crypto allocation by value. The bank holds more than $1.1 billion in Ethereum ETFs. This exceeds its bitcoin holdings.

Goldman’s Ethereum exposure comes primarily through the iShares Ethereum Trust and the Fidelity Ethereum Fund. The firm also holds a smaller position in Grayscale’s Ethereum Trust. These holdings have been affected by market volatility since the filing date.

The investment bank added new positions during the fourth quarter. Goldman held $152.2 million in spot XRP ETFs at year-end. The firm also held $108.9 million worth of spot Solana ETFs.

XRP exposure totals roughly $114 million across Bitwise, Franklin Templeton and 21Shares ETFs. Solana exposure sits near $2 million across two specialized products. More than 99% of Goldman’s reported bitcoin ETF exposure is in spot products.

The Form 13F filing captures holdings and values at a specific reporting date. Current market prices reflect where those positions stand today. The decline does not necessarily represent a realized loss.

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