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Goldman Sachs, the investment banking giant trimmed its exposure to spot bitcoin and ether ETFs during the fourth quarter of 2025, according to its latest 13F filing with the SEC.
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GOLDMAN SACHS DISCLOSES $1.1B IN BTC, $1B IN ETH, $153M IN XRP AND $108M IN SOL – REPRESENTING A 0.33% CRYPTO ALLOCATION: FILING
— zoomer (@zoomerfied) February 10, 2026
As of December 31, 2025, Goldman held approximately 21.2 million shares across various spot bitcoin ETFs, valued at $1.06 billion, a 39.4% decline in share count from the third quarter. Spot ether ETF holdings dropped 27.2% to roughly 40.7 million shares worth about $1 billion.
While cutting bitcoin and ether exposure, Goldman added stakes in newer spot ETFs for XRP and Solana that launched during the quarter. The firm held $152.2 million in spot XRP ETFs and $108.9 million in spot Solana ETFs at year-end.
The reductions follow a sharp crypto downturn in Q4. Bitcoin fell from $114,000 at the end of September 2025 to around $88,400 by year-end. Ether slid from $4,140 to $2,970 over the same period. Spot bitcoin ETFs saw $1.15 billion in net outflows, while ether ETFs recorded $1.46 billion in outflows.
ETF outflows doing some crazy work yesterday pic.twitter.com/Daper69BOl
— Oxxyy (@Oxxyy13) February 1, 2026
Goldman’s 40% cut in bitcoin ETF holdings is a clear pointer, that even traditional giants with deep pockets are trimming risk in the face of volatility and macro uncertainty. Especially after a Q4 decline that erased billions in value across crypto.
Therefore, Goldman’s move might indicate or lead a broader trend of institutional reassessment by scaling back on large-cap BTC/ETH exposure, while selectively adding smaller altcoin positions like XRP and Solana. This rotation suggests the go-to move is a tactical diversification rather than outright abandonment of crypto ETFs.
For the market, it restates what is already known, that institutional flows remain sensitive to price, action and sentiment. The reaction on X are positive, with many taking the news as further sign of institutional trust.
So basically they are loading up and you are loading off
Smart move https://t.co/WGe9eoUm0d
— Dr Strange 24 (@Doctor_Magic_) February 10, 2026
If bitcoin stabilizes and inflows return, Goldman may yet rebuild its Bitcoin ETF positions; but if the downturn persists, further trimming could pressure ETF liquidity. The addition of XRP and Solana ETFs is Goldman’s way of keeping a foot in the door for any altcoin upside. It’ll be interesting to see how it works out.
Bitcoin traded at $66,759 on February 11, down 3.03%.
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