Goldman Sachs Reveals $2.36B Crypto Exposure in Q4 2025 Filing

Goldman Sachs has disclosed more than $2.36 billion in cryptocurrency exposure in its Q4 2025 13F filing, submitted on February 10, 2026. The Wall Street investment bank reported holdings of approximately $1.1 billion in Bitcoin, $1.0 billion in Ethereum, $153 million in XRP, and $108 million in Solana. Despite the headline-grabbing figure, these digital asset positions represent just 0.33% of Goldman Sachs’ total reported investment portfolio, highlighting that crypto remains a relatively small allocation within its broader strategy.

The filing reflects Goldman Sachs’ portfolio snapshot as of December 31, 2025, and shows that Bitcoin remains the firm’s largest crypto holding, with Ethereum close behind. The near-equal allocation between Bitcoin and Ethereum quickly drew attention across the crypto industry. Simon Dedic, founder and managing partner of Moonrock Capital, described the breakdown as “very interesting,” noting that traditional, conservative portfolios often mirror market-cap weighting. According to Dedic, the structure suggests Goldman Sachs may be “significantly more bullish on Ethereum than Bitcoin.”

Binance founder Changpeng Zhao, commonly known as CZ, also commented on the filing, pointing out both the size of the exposure and its growth. He noted that Goldman Sachs’ crypto holdings increased by roughly 15% quarter over quarter, signaling a gradual but steady expansion of its digital asset footprint, likely through regulated crypto ETFs.

A comparison with Goldman Sachs’ Q3 2025 filing shows a slight decline in overall portfolio value. In Q4 2025, the bank reported $811.1 billion in total 13F holdings across 6,411 positions, compared to $817.4 billion and 6,295 holdings in Q3. While total holdings value dipped modestly, the number of positions increased, and crypto exposure remained stable as a small portion of the overall portfolio.

The disclosure arrives amid growing regulatory and political attention on digital assets. Goldman Sachs is reportedly represented at a White House meeting focused on stablecoin yield, aimed at bridging discussions between major U.S. banks and crypto firms. Additionally, Goldman Sachs CEO David Solomon is scheduled to speak at the upcoming World Liberty Forum, further placing the firm at the center of conversations shaping the future of crypto, finance, and policy.