On February 11, according to the latest 13F filing submitted by Goldman Sachs to the U.S. Securities and Exchange Commission, the firm significantly adjusted its crypto asset ETF holdings in Q4 2025, reducing holdings in spot Bitcoin and Ethereum ETFs while increasing positions in newly launched spot XRP and Solana ETFs.
As of December 31, 2025, Goldman Sachs held approximately 21.2 million shares of Bitcoin ETFs, valued at about $1.06 billion, a 39.4% decrease from the third quarter. At the same time, the firm held around 40.7 million shares of Ethereum ETFs, worth approximately $1 billion, down 27.2% year-over-year. The reductions occurred amid Bitcoin prices falling from about $114,000 to approximately $88,400 and Ethereum from $4,140 to $2,970 in the fourth quarter.
In contrast, Goldman Sachs increased its holdings of spot XRP ETFs and Solana ETFs, with assets valued at $152.2 million and $108.9 million respectively by the end of last year. Analysts interpret this strategy as reflecting institutional investors’ risk adjustment during a market downturn, while seeking growth opportunities in emerging blockchain assets.
Market data shows that, alongside the price declines, there was approximately $1.15 billion in net outflows from spot Bitcoin ETFs and $1.46 billion from Ethereum ETFs in Q4, indicating a reallocation of funds by institutions and investors amid market volatility.
Overall, Goldman Sachs’ ETF adjustment demonstrates a more flexible approach by institutional investors in the digital asset market: reducing exposure to volatile Bitcoin and Ethereum ETFs to manage risk, while increasing positions in promising assets like XRP and Solana to optimize their portfolios. As the digital asset ETF market matures, such strategies may direct capital toward emerging blockchain assets, creating new structural opportunities in the crypto market.
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