Key Points
- Goldman Sachs reports over $2.3 billion crypto exposure via ETFs and derivatives.
- Bitcoin and Ethereum holdings declined sharply from the previous quarter.
Goldman Sachs disclosed its cryptocurrency exposure through ETFs and derivatives in its latest 13F filing, covering Q3 and Q4 2025. The bank does not hold digital assets directly but reports more than $2.3 billion in related products.
The reported exposure includes approximately $1.1 billion in Bitcoin (BTC), $1 billion in Ethereum (ETH), $153 million in XRP, and $108 million in Solana (SOL).
Bitcoin ETF and Derivatives Positions
According to data from 13F.info, Goldman Sachs held over $1.02 billion in BlackRock’s iShares Bitcoin Trust (IBIT) in Q4 2025, representing more than 20 million shares. This compares to nearly 34 million shares valued at over $2.2 billion in Q3 2025.
The firm’s IBIT position decreased by 53% quarter over quarter.
In addition to shareholdings, the bank reported call options on IBIT worth more than $160 million, down 65% from Q3. It also disclosed put options valued at more than $827 million, marking a 51% decline from the previous quarter.
Exposure to Ethereum, Solana, and XRP Products
Goldman Sachs expanded its exposure to Solana-linked ETFs in Q4 2025, after reporting no such holdings in Q3. These include over $45.3 million in the Bitwise SOL Staking ETF, more than $35.7 million in the Grayscale SOL ETF, and about $1.2 million in the 21Shares SOL ETF.
For Ethereum (ETH), the bank reported holdings of over $613.4 million in BlackRock’s iShares ETH Trust (ETHA), down more than 54% from Q3. It also held roughly $393.8 million in Fidelity’s ETH fund (FETH), reflecting a 30% decrease quarter over quarter.
Options activity tied to ETHA included put positions worth more than $50 million, a decline of 89% from the previous quarter, and call options valued at over $14.9 million, down 93% from Q3 2025.
Goldman Sachs also disclosed XRP-related investments, including nearly $39.8 million in the Bitwise XRP ETF, close to $38 million in the Grayscale XRP ETF, and almost $36 million in the 21Shares XRP ETF.
Additional exposure includes more than $38.4 million in Franklin Templeton’s XRP Trust and over $3.7 million in XRPN, a publicly traded entity focused on holding and managing XRP. The XRPN position declined by 2% compared to Q3.
The 13F filing shows Goldman Sachs reported more than $811 billion in total holdings for Q4 2025, down from $817 billion in the previous quarter.
