Goldman Sachs disclosed about $2 .36 billion in cryptocurrency involvement in a Q4 2025 13F report. These investments are maintained indirectly via regulated spot cryptocurrency exchange-traded funds (ETFs) instead of direct ownership of tokens, a configuration that ensures regulatory separation and custody while offering the bank market exposure .
Goldman Sachs’ Q4 2025 13F filing shows that the bank’s crypto exposure is concentrated entirely in exchange-traded funds tracking major digital assets. The disclosure specifies that these holdings are “held exclusively through regulated spot crypto Exchange Traded Funds,” underscoring a deliberate preference for regulated investment vehicles rather than direct on-chain custody. In effect, Goldman is gaining price exposure without assuming the operational responsibilities that come with holding tokens natively.
The filing lists approximately $1.1 billion in Bitcoin ETFs and $1.0 billion in Ethereum ETFs, alongside smaller positions of $153 million in XRP ETFs and $108 million in Solana ETFs. Together, these positions total roughly $2.36 billion in disclosed exposure. The structure reflects a barbell approach: concentrated in BTC and ETH, with measured allocations to alternative tokens.
By using ETFs, Goldman avoids complexities such as private key management, validator participation, and staking operations. However, this structure shifts risk toward ETF issuers and custodians, concentrating counterparty exposure within the regulated fund ecosystem. Operationally, it simplifies internal controls while relying on third-party infrastructure for custody and execution.
What Goldman Sachs unveil in Q4 report
The ETF-only strategy signals a compliance-first posture amid evolving U.S. regulatory oversight of digital assets. The filing follows Goldman’s earlier participation in a White House meeting focused on stablecoin yields, suggesting the bank is engaging both at the policy level and within market infrastructure. In that sense, its crypto exposure appears calibrated to align with regulatory clarity rather than push structural boundaries.
From a portfolio management standpoint, ETFs preserve compatibility with traditional institutional workflows. They allow for NAV-based accounting, integration into established trading systems, and familiar reporting standards. At the same time, exposure becomes dependent on ETF liquidity, fee structures, redemption mechanics, and the custody arrangements of fund providers.
Importantly, Goldman’s allocations should be viewed through the lens of capital allocation rather than direct market-making influence. The concentration in BTC and ETH ETFs indicates a focus on depth and liquidity, while the comparatively smaller XRP and SOL positions suggest selective diversification rather than a broad altcoin strategy.
Looking ahead, CEO David Solomon’s scheduled appearance at the WLFI Forum in Palm Beach may offer additional insight into Goldman’s evolving digital-asset strategy and its alignment with policy developments.
