Goldman Sachs Reveals $2.36 Billion Crypto Exposure in Q4 2025 13F

Goldman Sachs’ latest Form 13F filing for the quarter ending December 31, 2025 disclosed roughly $2.36 billion in crypto-linked positions, with the largest single allocation concentrated in BlackRock’s iShares Bitcoin Trust, IBIT. Micah Zimmerman at BitcoinMagazine summarized the filing as “roughly $2.36 billion in total crypto exposure, including $1.1 billion in Bitcoin ETFs,” and identified the $1.1 billion position as held in IBIT.

The exact Bitcoin ETF tally is reported differently across outlets. Finbold and BitcoinMagazine present the IBIT exposure at about $1.1 billion, while TechFlow, citing The Block, reports approximately $1.06 billion as of December 31, 2025 and characterizes that figure as a 39.4% decline from the prior quarter. TechFlow’s article carried a February 11, 2026 timestamp for The Block’s analysis. Finbold additionally notes the $2.36 billion represents about 0.33% of Goldman Sachs’ total equity portfolio and flags that the Form 13F numbers are reported as of December 31, 2025.

The filing shows material exposure beyond IBIT. Finbold and TechFlow put Goldman’s Ethereum ETF holdings at roughly $1.0 billion, with TechFlow citing a 27.2% quarter-over-quarter reduction to that level. Finbold also lists XRP-related ETFs at about $153 million and Solana-linked funds near $108 million. BitcoinMagazine’s line-item reporting names roughly $35.8 million in Fidelity’s Wise Origin Bitcoin Fund, about $92,000 in “American Bitcoin,” and approximately $57,000 in Bitcoin Depot and other mining or cloud-based companies. BitcoinMagazine further reports the filing disclosed “hundreds of thousands in IBIT calls and puts,” indicating listed options exposure tied to IBIT.

Goldman’s equity investments tied to the digital-asset ecosystem are highlighted by an increased stake in a company identified in the filing as Strategy. Europeanbusinessmagazine reports Goldman bought an additional 237,874 shares to hold approximately 2.33 million shares of Strategy, valued at roughly $301 million in the filing. Europeanbusinessmagazine adds that Strategy reported holding 714,644 Bitcoin with an aggregate purchase price of $54.35 billion and intends to continue acquiring Bitcoin as part of its treasury strategy.

The Form 13F disclosure sits atop a history of cautious moves into crypto from Goldman. BitcoinMagazine recounts that Goldman’s path into Bitcoin began “more than half a decade ago,” noting the bank executed a BTC-backed loan and a non-deliverable Bitcoin options trade in 2022. Europeanbusinessmagazine frames the latest filing as signaling a strategic repositioning, writing that the bank “is one of the largest institutional holders of Bitcoin ETFs and marks a decisive pivot from the bank’s long-standing scepticism toward cryptocurrency,” and adding the editorial line, “That is not a trade. That is a thesis.”

The filings emerged while Bitcoin traded through volatile ranges, with coverage noting declines below $70,000, a dip near $60,000 and a later rebound toward the mid-$60,000 range. Given the conflicting BTC-ETF totals and the quarter-over-quarter reduction claims, the Form 13F itself remains the primary document to reconcile market-value calculations, ticker classifications and any derivative reporting that produced the $1.1 billion versus $1.06 billion figures. Europeanbusinessmagazine also reports Goldman executives were engaged publicly and with regulators during the period, with CEO David Solomon scheduled to speak at the World Liberty Financial Forum and the bank attending a White House meeting on stablecoin policy, positioning Goldman at the intersection of digital-asset markets and emerging regulatory architecture.