Fox Business journalist Eleanor Terrett first highlighted the figures on social media, noting that the exposure is structured through regulated spot crypto ETFs rather than direct token custody. The filing provides one of the clearest snapshots yet of how a major Wall Street bank allocates capital to digital assets.
Portfolio Breakdown and ETF Exposure
As of December 31, 2025, Goldman Sachs held approximately 21.2 million shares across various spot Bitcoin ETFs with a combined value of about $1.06 billion. Compared to the third quarter, the bank reduced its Bitcoin ETF share count by 39.4%.
The total crypto exposure amounts to roughly $2.36 billion, representing around 0.33% of the bank’s reported assets under management. While substantial in absolute terms, digital assets still account for a relatively modest share of Goldman Sachs’ overall portfolio.
During the fourth quarter, Bitcoin declined from $114,000 at the end of September 2025 to approximately $88,400 by year-end. Ether fell from $4,140 to $2,970 over the same period. According to SoSoValue, spot Bitcoin ETFs recorded $1.15 billion in quarterly outflows, while Ether ETFs saw $1.46 billion in net withdrawals.
Strategic Focus: Tokenization and Stablecoins
Beyond ETF positions, Goldman Sachs continues investing in digital asset infrastructure. CEO David Solomon has repeatedly stated that the bank is allocating resources to tokenization, stablecoins, and blockchain-based market structures. These efforts include both research initiatives and institutional trading activities.
The bank is also actively engaged in policy discussions related to stablecoin regulation, with executives participating in industry and government-level forums addressing the future of digital financial markets.
Institutional Signal Amid Volatility
The fourth-quarter price correction provided the backdrop for this disclosure. Despite declining crypto prices and ETF outflows, Goldman Sachs maintained a multi-billion-dollar allocation through regulated instruments. For market participants, such filings serve as indicators of long-term institutional positioning.
Although the headline figure appears large, the allocation remains a small fraction of the bank’s total assets, pointing to gradual expansion rather than a structural shift. At the same time, institutional activity continues to grow across tokenization, stablecoins, and regulated digital asset trading solutions.
Goldman Sachs’ Q4 2025 filing, together with management commentary and ETF flow data, offers a detailed view of how a leading investment bank navigates crypto exposure during periods of elevated market volatility.
