Goldman Sachs crypto holdings: 13F shows BTC, ETH, XRP, SOL ETFs
Goldman Sachs disclosed significant cryptocurrency exposure in its Q4 2025 Form 13F, totaling more than $2.36 billion in digital-asset holdings, as reported by Yahoo Finance. The portfolio reflects exposure obtained through exchange-traded funds tied to Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL), underscoring a fund-wrapped approach rather than direct token custody.
Based on its Q4 2025 Form 13F filing, the bank held approximately $1.1 billion in Bitcoin ETFs, about $1.0 billion in Ethereum ETFs, roughly $153 million in XRP ETFs, and near $108 million in Solana ETFs. These positions are recorded as securities holdings for 13F purposes, and the use of ETFs centralizes custody, reporting, and trade execution within a regulated structure.
Figures carried in media coverage can differ due to crypto price swings and the 13F reporting window, which captures quarter‑end positions and valuations. That timing, combined with intraperiod volatility and subsequent price moves before publication, helps explain why various outlets cite different totals for the same filing.
Why it matters: ETF wrapper, compliance, and immediate valuation hit
The ETF wrapper allows a large institution to express crypto views within a familiar compliance perimeter, with standardized custody, market surveillance at the fund level, and clear accounting. For a manager governed by public-company controls and securities-reporting obligations, ETFs can reduce operational and legal complexity compared with holding or transacting spot tokens directly.
Bitcoin’s drawdowns can translate quickly into reported valuation impacts across ETF books. Bitcoin’s pullback has cut Goldman Sachs’ crypto exposure prices by about 45%, according to TheStreet, highlighting the mark‑to‑market sensitivity of ETF-based crypto allocations and the importance of risk controls around position sizing and liquidity.
Goldman’s internal viewpoints also appear varied, with public skepticism coexisting alongside operational adoption of ETF exposure. After years of caution, Sharmin Mossavar‑Rahmani, Chief Investment Officer for Goldman Sachs Wealth Management, has said, “we do not think it [crypto] is an investment asset class,” as reported by The Wall Street Journal. That stance provides context for why the bank may prefer limited, fund‑wrapped exposure while still responding to client interest and market development.
Operationally, the firm’s digital‑assets efforts are led by Mathew McDermott, and the disclosed ETF positions indicate a measured, compliance‑first way to participate in crypto markets. The inclusion of XRP and SOL, albeit at a smaller scale than BTC and ETH, suggests diversification within the ETF channel without committing to direct token risk.
BTC exposure: positions, price-driven swings, and reporting window caveats
Bitcoin remains the anchor of Goldman Sachs’ crypto exposure by dollar value, with about $1.1 billion in BTC ETFs recorded at quarter‑end in the 13F. Because 13F is a point‑in‑time report and crypto is highly volatile, end‑of‑quarter marks may differ materially from prevailing market levels when the filing becomes public or when third‑party summaries are published.
The data show that quarter‑to‑quarter comparisons can be distorted by rapid price changes and portfolio rebalancing within the reporting window. At the time of this writing, Bitcoin (BTC) trades near $67,053, providing neutral market context for interpreting the scale of reported ETF exposure without implying any forward view.
| Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, legal, or trading advice. Cryptocurrency markets are highly volatile and involve risk. Readers should conduct their own research and consult with a qualified professional before making any investment decisions. The publisher is not responsible for any losses incurred as a result of reliance on the information contained herein. |
