Goldman Sachs Trims $1B in Bitcoin and Ether ETF Positions

How Deep Were the Reductions?

Goldman Sachs reduced its exposure to spot bitcoin and ether exchange-traded funds in the fourth quarter, trimming its positions as crypto prices fell and ETF flows turned negative.

According to its latest Form 13F filed with the U.S. Securities and Exchange Commission, the bank held about 21.2 million shares across various spot bitcoin ETFs as of Dec. 31, 2025, valued at $1.06 billion. That represents a 39.4% decline in share count compared with the third quarter.

The firm also reported roughly 40.7 million shares of spot Ethereum ETFs, worth about $1 billion at year-end. That reflects a 27.2% drop in ether ETF shares over the same period.

The reductions bring Goldman’s reported ETF exposure lower after building sizable positions earlier in the year, when institutional participation in newly launched spot crypto ETFs accelerated.

Investor Takeaway

Was the Move Driven by Market Conditions?

The fourth quarter coincided with a broad crypto pullback. Bitcoin fell from around $114,000 at the end of September 2025 to about $88,400 by year-end. Ether declined from roughly $4,140 to $2,970 over the same period.

ETF flows reflected that downturn. Spot bitcoin ETFs recorded $1.15 billion in quarterly outflows, while spot ether ETFs saw $1.46 billion in net outflows during the fourth quarter, according to data from SoSoValue.

Against that backdrop, Goldman’s reduction appears aligned with broader institutional repositioning rather than an isolated portfolio decision. As prices retraced and flows turned negative, exposure through listed products also contracted.

What Did Goldman Add Instead?

While cutting bitcoin and ether ETF holdings, Goldman added exposure to newly launched spot XRP and Solana ETFs during the quarter. The bank disclosed $152.2 million in spot XRP ETFs and $108.9 million in spot Solana ETFs as of Dec. 31.

The additions indicate that the firm did not exit digital-asset exposure altogether. Instead, it reallocated part of its ETF portfolio toward other layer-1 tokens that came to market in ETF form during the quarter.

That adjustment suggests a tactical rebalancing rather than a wholesale retreat from crypto-linked products.

Investor Takeaway

What Does This Mean for Institutional ETF Demand?

Goldman’s 13F provides a snapshot of institutional positioning at year-end, not real-time trading. Still, the scale of the reductions — nearly 40% in bitcoin ETF shares and more than 27% in ether ETF shares — shows how quickly exposure can change in response to market moves.

Spot crypto ETFs have become a primary channel for institutional participation in digital assets. As a result, changes in holdings by large asset managers and banks offer insight into how traditional finance firms are managing volatility.

With crypto prices rebounding or weakening in future quarters, subsequent filings will reveal whether the fourth-quarter cuts were a temporary de-risking move or part of a longer reallocation within digital-asset portfolios.