Goldman Sachs Cuts Bitcoin and Ethereum ETF Exposure by Nearly 40%

A notable shift in institutional positioning emerged in the latest quarterly filing from Goldman Sachs, which shows a substantial reduction in its spot crypto ETF holdings during the fourth quarter.

The bank trimmed its combined exposure to spot Bitcoin and Ethereum exchange-traded funds by 39.4% over the period.

The adjustment reflects a material rebalance rather than a marginal allocation change, given the scale of the positions involved.

Bitcoin ETF Exposure Reduced but Still Significant

As of the end of the fourth quarter, Goldman Sachs reported holding approximately $1.06 billion in spot Bitcoin ETFs. While that figure represents a sizeable allocation, it marks a sharp contraction from prior-quarter levels.

The reduction suggests a shift in risk management or portfolio weighting strategy rather than a full exit from digital asset exposure. Even after the cut, the bank maintains more than a billion dollars in spot Bitcoin ETF exposure, keeping it among the larger institutional participants in the product category.

Ethereum ETF Holdings Also Trimmed

In parallel, Goldman Sachs disclosed roughly $1 billion in spot Ethereum ETF holdings at year-end. Similar to Bitcoin, the Ether-linked ETF allocation was reduced during the quarter as part of the broader 39.4% portfolio adjustment.

Maintaining equal-scale exposure across both Bitcoin and Ethereum ETFs indicates continued diversification within digital asset allocations, even amid position sizing reductions.

Institutional Rebalancing, Not Full Withdrawal

The magnitude of the cut points to active portfolio management rather than passive holding. Large institutions often rebalance ETF exposure in response to volatility, capital rotation, or broader asset allocation adjustments across equities and alternatives.

Despite the fourth-quarter reduction, Goldman Sachs retains substantial exposure to both spot Bitcoin and Ethereum ETFs. The move therefore reflects recalibration of positioning rather than disengagement from the asset class.

How institutional allocations evolve in subsequent filings will provide further clarity on whether this was a tactical reduction or part of a broader trend in digital asset portfolio management.

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