The investment bank cuts Bitcoin ETF positions while adding exposure to XRP and Solana ETFs.
Goldman Sachs reduced its positions in spot Bitcoin and Ethereum ETFs during the fourth quarter of 2025, according to documents filed with the U.S. Securities and Exchange Commission.
As of December 31, 2025, Goldman Sachs held approximately 21.2 million shares of various spot Bitcoin ETFs, with a combined value of $1.06 billion. This represents a 39.4% decline compared to the third quarter. Regarding Ethereum, the bank owned approximately 40.7 million shares of spot ETFs, valued at around $1 billion, posting a 27.2% decrease from the previous quarter.
Despite the cuts to Bitcoin and Ethereum, Goldman Sachs added new positions in XRP and Solana ETFs launched during the quarter. The company held $152.2 million in spot XRP ETFs and $108.9 million in spot Solana ETFs at the end of 2025.
These moves occurred during a broad crypto market decline in the fourth quarter. Bitcoin fell from approximately $114,000 at the end of September 2025 to around $88,400 at year-end. Ethereum recorded a similar decline, dropping from $4,140 to $2,970 during the same period.
Spot Bitcoin and Ethereum ETFs recorded significant outflows during the quarter. According to SoSoValue data, spot Bitcoin ETFs saw quarterly outflows of $1.15 billion, while Ethereum ETFs reported net outflows of $1.46 billion in the fourth quarter.
