Goldman Sachs has made a significant move, disclosing over $2.36 billion in crypto exposure in its Q4 2025 13F filing. This includes $1.1 billion in Bitcoin, $1 billion in Ethereum, $153 million in XRP, and $108 million in Solana. To put this into perspective, these crypto holdings represent about 0.33% of Goldman Sachs' total assets under management, which exceed $1 trillion.
Goldman Sachs' Crypto Holdings:
- Bitcoin: $1.1 billion $BTC
- Solana: $108 million $SOL 
This move signals a shift in Goldman Sachs' stance on cryptocurrency, as it had previously been skeptical about Bitcoin's value. The bank's exposure is primarily through ETFs, which hold Bitcoin on behalf of shareholders and track the asset's price.
Strategy: The holdings are aimed at providing client-driven liquidity and exposure to crypto, with recent adjustments involving a 39.4% reduction in Bitcoin and 27.2% reduction in Ethereum ETFs during Q4 2025, alongside new positions in XRP and Solana.
These holdings reflect a cautious but growing integration of digital assets into traditional banking portfolios, with a focus on ETF-based, regulated products.
Risk Management: The portfolio includes over $600 million in put options, indicating hedging against volatility.
The firm's shift from skepticism to significant investment indicates a strategic embrace of digital assets, driven by client demand.
What do you think about Goldman Sachs' crypto investment strategy? Will other major banks follow suit?
