Goldman Sachs disclosed roughly $2.36 billion in crypto exposure in its Q4 2025 13F filing, entirely through SEC-regulated spot ETFs for Bitcoin, Ethereum, XRP, and Solana, marking a 15% quarter-over-quarter increase despite trimming its largest positions.

Bitcoin and Ethereum remain core allocations, with between $1.06–$1.1 billion and over $1.0 billion invested respectively, though both saw significant quarterly reductions. The bank initiated new positions in XRP and Solana ETFs during the quarter, expanding into assets tied to payments infrastructure and high-throughput blockchains.

This ETF-only strategy reflects a broader institutional preference for regulated, operationally simpler exposure, avoiding direct token custody and associated cybersecurity, insurance, and compliance burdens. However, indirect ownership carries costs, including annual management fees of 0.2–0.6% and potential deviations from underlying asset prices during volatility.

Goldman's approach prioritizes compliance and balance-sheet efficiency, though it limits participation in on-chain rewards and protocol incentives, capping potential upside compared to direct ownership.