Goldman Sachs revealed substantial cryptocurrency exposure in its Q4 2025 13F filing, disclosing over $2.36 billion in digital asset holdings as of December 31, 2025. The disclosure positions the Wall Street banking giant among the most exposed major US financial institutions to crypto-linked assets.
Portfolio Breakdown
According to the filing, Goldman’s crypto allocation includes $1.1 billion in Bitcoin, $1 billion in Ethereum, $153 million in XRP, and $108 million in Solana, representing just 0.33% of its total reported investment portfolio. The holdings are primarily held through exchange-traded funds rather than direct token custody.
The near-equal allocation between Bitcoin and Ethereum drew industry attention. Moonrock Capital founder Simon Dedic noted the positioning was “significantly more bullish on Ethereum than Bitcoin” compared to typical market-cap weighted approaches used by conservative portfolios.
15% Quarterly Growth Despite Volatility
The bank’s crypto assets increased by 15% compared to the previous quarter, occurring during a period of significant market turbulence. Binance founder Changpeng Zhao (CZ) highlighted the filing’s quarter-over-quarter increase, suggesting institutional confidence despite recent price declines.
Goldman’s total 13F holdings value stood at $811.1 billion for Q4 2025 with 6,411 positions, compared to $817.4 billion with 6,295 holdings in Q3 2025.
Shift from Historical Skepticism
The disclosure marks a notable evolution for Goldman Sachs. Before 2020, executives and research teams described Bitcoin as a speculative asset with limited use as money and no intrinsic cash flows, framing crypto as unsuitable for conservative portfolios.
That position began to soften after 2020 as institutional demand increased. Goldman restarted its crypto trading desk, expanded derivatives access, and produced research acknowledging Bitcoin’s role as a potential inflation hedge, while maintaining that crypto remains speculative.
Market Context
The disclosure comes as Bitcoin trades around $70,000 after experiencing sharp selloffs from its cycle peak near $126,000. Goldman Sachs oversees roughly $3.6 trillion in assets under supervision for institutional and private clients, making its portfolio decisions a closely watched indicator of institutional sentiment.
US Spot XRP ETFs currently hold over $1.04 billion in total net assets and have been trading for 56 days with only 4 days of outflows, suggesting sustained institutional interest in alternative cryptocurrencies beyond Bitcoin.
The timing coincides with upcoming policy discussions, as Goldman Sachs representatives are scheduled to attend White House meetings on digital assets, with CEO David Solomon slated to speak at the World Liberty Forum in Palm Beach next week.
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