Goldman Sachs reduced its holdings of bitcoin ETFs by 39.4% to $1.06 billion and ether ETFs by 27.2% to $1 billion in Q4 2025, but opened new positions in XRP and Solana ETFs.
Goldman Sachs significantly reduced its holdings of Exchange Traded Fund in the fourth quarter of 2025, according to the latest filing with the U.S. Securities and Exchange Commission. As of December 31, 2025, the investment banking firm held approximately 21.2 million units of various spot bitcoin ETFs with a total value of $1.06 billion, a 39.4% decrease in the number of units compared to the third quarter, according to Form 13F filed on Tuesday.
For Ethereum, Goldman Sachs held approximately 40.7 million spot ETF units worth roughly one billion USD at the end of last year, reflecting a 27.2% decrease in the number of units compared to the previous quarter. This move occurred amidst a broad decline in the cryptocurrency market in the fourth quarter, as the price of bitcoin fell from around $114,000 at the end of September 2025 to around $88,400 at the end of the year, while ether declined from $4,140 to $2,970 during the same period.
Shifting to new assets
However, Goldman Sachs expanded its positions in the XRP spot ETF and the Solana spot ETF launched during the quarter. As of the end of last year, the firm held $152.2 million in XRP spot ETFs and $108.9 million in Solana spot ETFs, demonstrating its approved strategy of diversifying its portfolio into new crypto assets.
Both spot bitcoin and ether ETFs recorded Capital in parallel with the market downturn. According to data from SoSoValue, spot bitcoin ETFs recorded net Capital of $1.15 billion in the quarter, while ether ETFs recorded net Capital of $1.46 billion in the fourth quarter.
Goldman Sachs' reduction of its bitcoin and ether ETF portfolio reflects a broader market trend as institutional investors adjust their asset allocation strategies in a highly volatile environment, while seeking opportunities in new products like XRP and Solana ETFs to balance risk and capitalize on growth potential.
