Institutional Pivot: Goldman Sachs Discloses $2.36B Crypto Portfolio with Bold Ethereum Weighting
Goldman Sachs has reported a $2.36 billion cryptocurrency portfolio in its Q4 2025 13F filing, released on February 10, 2026.
Quick overview
- Goldman Sachs has made a significant investment in Ethereum, holding $1.0 billion, nearly equal to its $1.1 billion in Bitcoin.
- The bank employs an ETF-first strategy to mitigate risks associated with direct crypto holdings, focusing on regulated securities.
- Goldman has also diversified its portfolio by adding positions in XRP and Solana ETFs for the first time.
- Despite crypto representing only 0.33% of its total portfolio, the recent performance indicates growing confidence in the asset class.
One notable detail is Goldman’s large investment in Ethereum (ETH). While most institutions focus on Bitcoin, Goldman reported $1.1 billion in Bitcoin and almost as much—$1.0 billion—in Ethereum.
This nearly equal split is a big change from the usual marMoonrockket-cap approach. Analysts like Simon Dedic from Capital called it “significantly bullish” for Ethereum, saying Goldman sees ETH as more than just a speculative asset—it’s a key utility holding.
ETF-First Strategy: Institutional-Grade Exposure
Goldman Sachs avoids the risks of holding crypto directly by using only ETFs. This lets the bank trade crypto as regulated securities and stay within current compliance rules.
JUST IN: Goldman Sachs discloses holding $2,360,000,000 worth of crypto:
Bitcoin: $1,100,000,000
ETH: $1,000,000,000
XRP: $153,000,000
SOL: $108,000,000 pic.twitter.com/5ETaIJgXZb— Watcher.Guru (@WatcherGuru) February 10, 2026
Key ETF Positions Disclosed:
- Bitcoin (BTC): Primarily held through BlackRock’s iShares Bitcoin Trust (IBIT), with additional positions in Fidelity and Grayscale.
- Ethereum (ETH): Concentrated in the iShares Ethereum Trust (ETHA) and Fidelity Ethereum Fund.
- New Entries: The bank also added $153 million in XRP and $108 million in Solana (SOL) ETFs, making these assets part of Goldman’s holdings for the first time.
Hedging Against Volatility: The “Put” Protection
Although Goldman has a large spot position, the filing also shows a careful hedging strategy. The bank holds over $600 million in put options, which gain value if prices drop, and a smaller amount in call options.
This delta-neutral approach suggests much of the $2.36 billion portfolio is used for market-making or arbitrage, not just betting on price increases. This protection matters, since Bitcoin prices have dropped nearly 45% from their late-2025 highs.
Market Sentiment: A “Maturing” Asset Class
Crypto makes up only 0.33% of Goldman’s $811 billion portfolio, but the 15% increase during a price drop is seen as a sign of confidence.
With the CLARITY Act moving through the U.S. Senate, Goldman’s growing presence puts it at the forefront of the next phase of institutional crypto adoption.
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