Goldman Sachs has revealed a substantial presence in the cryptocurrency market, disclosing over $2.36 billion in digital asset holdings in its Q4 2025 13F filing. This figure marks a 15% increase quarter-over-quarter, despite ongoing market volatility. The breakdown of Goldman Sachs’ cryptocurrency holdings includes $1.1 billion in Bitcoin, $1.0 billion in Ethereum, $153 million in XRP, and $108 million in Solana. Notably, these holdings represent a modest 0.33% of the bank’s total investment portfolio.
This latest filing positions Goldman Sachs among the most significantly exposed major U.S. banks in terms of crypto-linked assets, albeit still at a relatively small percentage of its overall holdings. A deeper examination of the filing indicates that the bank’s exposure to XRP specifically comes through exchange-traded funds (ETFs), valued at approximately $152 million. This information aligns with recent observations in the market, where analysts noted notable institutional buying signals, as evidenced by large volume spikes in XRP trading.
Currently, US spot XRP ETFs hold over $1.04 billion in total net assets and have seen only a handful of trading days with outflows since their debut 56 days ago. As one of the world’s leading investment banks, Goldman Sachs plays a pivotal role in advising both governments and corporations on mergers, capital markets, and restructuring. Its portfolio disclosures are often seen as indicative of broader institutional sentiment.
Historically, Goldman Sachs had a skeptical view of Bitcoin and cryptocurrencies. Prior to 2020, the firm’s executives frequently described Bitcoin as a speculative asset lacking intrinsic value and unsuitable for conservative portfolios due to its volatility and regulatory risks. However, this position began to evolve after 2020 amid growing institutional demand. The bank brought back its crypto trading desk, broadened access to derivatives, and published research recognizing Bitcoin’s potential as an inflation hedge, though it stopped short of classifying it as a core asset class.
Following the challenges of the crypto market in 2022, Goldman reiterated its concerns about infrastructure and counterparty risks associated with digital assets. Recently, the bank has leaned towards cautious participation in the crypto space, engaging through ETFs, structured products, and tokenization initiatives, while continuing to assert that cryptocurrencies remain speculative investments.
