Goldman Sachs cuts bitcoin ETF holdings by 40% in Q4

Goldman Sachs reduced its holdings of spot bitcoin and ether exchange-traded funds in the fourth quarter of 2025, according to its latest filings with the U.S. Securities and Exchange Commission.

As of Dec. 31, 2025, Goldman Sachs held about 21.2 million shares across various spot bitcoin ETFs, with a combined value of $1.06 billion, according to its Form 13F filed Tuesday. That marked a 39.4% decline in share holdings compared with the third quarter.

The firm also held roughly 40.7 million shares of spot Ethereum ETFs, valued at about $1 billion, as of the end of last year. That represented a 27.2% drop in shares from the previous quarter.

Meanwhile, the investment banking giant added positions in spot XRP and Solana ETFs that launched during the quarter. The firm held $152.2 million in spot XRP ETFs and $108.9 million worth of spot Solana ETFs at the end of last year.

This move came amid a broader crypto market decline in the fourth quarter, with bitcoin falling from about $114,000 at the end of September 2025 to around $88,400 by year-end. Ether also slid, dropping to $2,970 at the end of last year from $4,140 at the end of September.

Spot bitcoin and ether ETFs also saw an exodus of funds that accompanied the market downturn. Spot bitcoin ETFs saw a quarterly outflow of $1.15 billion, while ether ETFs reported $1.46 billion in net outflows in the fourth quarter, according to data from SoSoValue.