Catenaa, Monday, February 16, 2026-Goldman Sachs sharply reduced its exposure to spot bitcoin and ether exchange-traded funds in the fourth quarter of 2025, trimming positions as crypto markets slid late in the year, regulatory filings show.
The investment bank held about 21.2 million shares across several spot bitcoin ETFs as of December 31, with a combined value of roughly $1.06 billion, according to a Form 13F filing with the US Securities and Exchange Commission. That represented a 39.4% drop in share count from the third quarter.
Goldman also reported holdings of about 40.7 million shares of spot ether ETFs valued near $1 billion at year end. Those positions declined 27.2% from the prior quarter, the filing showed.
The pullback came during a broader crypto market downturn in the final months of 2025. Bitcoin fell from around $114,000 at the end of September to about $88,400 by the close of December.
Ether also weakened over the same period, sliding from roughly $4,140 to $2,970.
ETF flows mirrored the market retreat. Spot bitcoin ETFs recorded net quarterly outflows of about $1.15 billion, while spot ether ETFs saw net outflows of roughly $1.46 billion in the fourth quarter, according to industry data.
Despite cutting exposure to bitcoin and ether products, Goldman expanded into newer crypto-linked funds. The firm disclosed positions worth about $152.2 million in spot XRP ETFs and $108.9 million in spot Solana ETFs, both of which launched during the quarter.
The filing highlights shifting institutional positioning as banks reassess crypto exposure amid market volatility and evolving investor demand.
