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Goldman Sachs revealed substantial exposure to cryptocurrency, disclosing holdings of over $2.36 billion in digital assets in its Q4 2025 13F filing. According to the filing, $11 billion of its reported investment portfolio is in Bitcoin, $10 billion in Ethereum, $153 million in XRP, and $108 million in Solana.

 

The disclosure puts Goldman among the largest US banks most exposed to crypto-linked assets, worth a small portion of total holdings. A closer examination of the document reveals that Goldman’s exposure to XRP is primarily through XRP exchange-traded funds, which are worth about $152 million.

The total net assets of US Spot XRP ETFs are currently over $1.04 billion. After 56 days of trading, there have only been 4 days of outflows from XRP ETFs. One of the most significant investment banks in the world, Goldman Sachs counsels governments and businesses on capital markets, mergers, and restructuring.

 

Goldman had previously expressed skepticism about Bitcoin. Its research teams and executives characterized Bitcoin as a speculative asset with no inherent cash flows and little use as money. The company constantly highlighted volatility and regulatory risk while framing cryptocurrency as inappropriate for conservative portfolios.

In addition to expanding access to derivatives and resuming its cryptocurrency trading desk, Goldman produced research that acknowledged Bitcoin’s potential as an inflation hedge but refrained from recommending it as a core asset class. The company once more emphasized counterparty and infrastructure risks after the 2022 crypto winter.

Goldman has moved toward cautious participation in more recent times. While insisting that cryptocurrency is still speculative, it has participated through ETFs, structured products, and tokenization initiatives.