Goldman’s disclosure, filed Feb. 10 and covering holdings as of Dec. 31, 2025, shows approximately $2.36 billion allocated to crypto-linked ETFs, representing about 0.33% of its reported $811 billion equity portfolio. While modest as a percentage, the dollar figure is anything but small.

The exposure is entirely indirect. Rather than holding digital assets outright, Goldman accessed the market through regulated spot ETFs, sidestepping custody, operational, and regulatory friction while still tracking crypto price action.

Bitcoin anchors the portfolio. Roughly $1.1 billion is tied to spot bitcoin ETFs, led by a dominant position in Blackrock’s Ishares Bitcoin Trust, with smaller allocations spread across Fidelity and Kraneshares products. It is a familiar playbook: start with the most liquid asset and the deepest ETF market.

Ethereum comes next, with about $1 billion in exposure. The bank’s holdings span multiple issuers, including Ishares and Fidelity, signaling comfort not only with ethereum’s price dynamics but also with its role as infrastructure for decentralized finance (DeFi) applications.

Beyond the two largest digital assets, Goldman’s filing reveals meaningful positions in XRP and solana ( SOL) ETFs. XRP-related funds total roughly $153 million, while SOL exposure sits near $108 million, reflecting a willingness to engage digital assets that have just joined the exchange-traded product fray.

The filing also discloses options positions linked to several crypto ETFs. These derivatives introduce leverage and hedging flexibility, but they remain separate from the bank’s core ETF holdings that form the basis of the headline exposure figures.

Goldman’s approach highlights a broader institutional pattern. Spot ETFs have become the preferred on-ramp for large asset managers, offering price exposure without the operational burden of wallets, private keys, or direct blockchain interaction.

Context matters. Spot bitcoin and ethereum ETFs gained regulatory approval in recent years, unlocking pent-up institutional demand. Goldman’s allocation suggests the firm views crypto less as an experiment and more as a portfolio sleeve that must now be acknowledged—even if it remains tightly risk-managed.

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It is also notable what the filing does not show. Crypto exposure remains a small fraction of Goldman’s overall assets, reinforcing that this is participation, not evangelism. The bank is present, not all-in.

For instance, Goldman’s precious-metals positioning in its 13F reports roughly 2.15 million shares of Ishares Gold Trust, valued at $162.9 million, compared with about 5.87 million shares of Ishares Silver Trust, carrying an estimated value of $378.1 million.

For the crypto market, the signal is clear. When firms of Goldman’s scale quietly build multibillion-dollar positions through regulated products, digital assets are no longer operating on the fringe of global finance.

Whether allocations grow meaningfully in future quarters will depend on client demand, regulatory clarity, and market conditions. For now, the filing confirms one thing: crypto has secured a seat at Goldman Sachs’ portfolio table.

• How much crypto exposure did Goldman Sachs disclose?
  About $2.36 billion through spot cryptocurrency ETFs .
• Does Goldman Sachs directly hold bitcoin or ethereum?
  No, the exposure is entirely through regulated spot ETFs.
• Which cryptocurrencies are included?
  Bitcoin, ethereum, XRP, and solana.
• What percentage of Goldman’s portfolio is crypto?
  Roughly 0.33% of its reported equity holdings.

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