Goldman Sachs reduced its spot bitcoin ETF holdings by nearly 40% in Q4 2025, according to a U.S. SEC filing. The pullback occurred during a sharp market decline where bitcoin and ether ETFs saw combined outflows exceeding $2.6 billion. Despite trimming its major crypto ETF exposure, the investment bank acquired new positions in XRP and Solana exchange-traded funds.
Goldman Sachs significantly reduced its holdings in spot Bitcoin exchange-traded funds during the fourth quarter of 2025. The investment bank reported through its latest U.S. SEC Form 13F filing that it owned 21.2 million shares worth $1.06 billion as of December 31, a 39.4% decrease from the previous quarter.
This reduction coincided with a severe digital asset price decline throughout the quarter. Bitcoin fell from approximately $114,000 to $88,400 as global markets entered a risk-averse phase.
The firm also reduced its spot Ether ETF holdings by 27.2% to a value of $1 billion. Ether’s price slid from $4,140 to $2,970 over the same period.
Spot Bitcoin ETFs experienced net outflows totaling $1.15 billion during Q4 2025, according to SoSoValue data. Ether ETFs saw even larger net outflows of $1.46 billion.
Despite the pullbacks, Goldman maintained its involvement with digital assets through new investments. The company acquired $152.2 million in XRP ETFs and $108.9 million in Solana ETFs by year’s end.
This portfolio rotation suggests a strategic reassessment rather than a full exit from cryptocurrency markets. The move may reflect a belief that capital could flow toward emerging blockchain ecosystems as market cycles evolve.
