Goldman Sachs Discloses $108 Million in Solana ETFs as it Slashes Bitcoin and Ethereum Exposure

Financial giant Goldman Sachs has disclosed $108 million in Solana exchange-traded fund holdings in its Q4 2025 Form 13F filing with the U.S. Securities and Exchange Commission. The filing reveals that the investment bank holds approximately $2.36 billion in total crypto-related assets through regulated ETFs, representing about 0.33% of its overall reported portfolio.

The disclosure also details $1.1 billion in Bitcoin ETF holdings, roughly $1 billion in Ethereum ETFs, and approximately $153 million in $XRP ETFs. While Bitcoin and Ethereum remain the firm’s largest digital asset exposures, the quarter marked Goldman’s first reported positions in spot $XRP and Solana ETFs.

How Much Crypto Does Goldman Sachs Hold?

As of Dec. 31, 2025, Goldman Sachs held about 21.2 million shares across various spot Bitcoin ETFs with a combined value of approximately $1.06 billion. This figure reflects a 39.4% reduction in Bitcoin ETF share holdings compared with Q3 2025. Despite the reduction, Bitcoin still accounts for roughly 47% of the firm’s total crypto allocation.

The bank also reported holding approximately 40.7 million shares of spot Ethereum ETFs valued at about $1 billion at year-end. That position declined by roughly 27.2% quarter over quarter and represents about 42% of Goldman’s crypto exposure.

In contrast, Goldman initiated new positions in $XRP and Solana ETFs during the fourth quarter. The firm disclosed approximately $152.2 million in $XRP ETF holdings and $108 million in Solana ETFs. Of that amount, roughly $45 million went to the Bitwise Solana Staking ETF and $35.7 million to the Grayscale Solana Trust ETF. The bank also established smaller positions in Solana-related products offered by Fidelity, VanEck, 21Shares, and Franklin Templeton. Solana represents about 4 to 5% of Goldman’s total crypto exposure.

Combined, the new XRP and Solana positions total roughly $260 million.

Portfolio Allocation and Market Context

Goldman manages more than $3.5 trillion in assets under management. The disclosed $2.36 billion in crypto exposure represents approximately 0.33% of its reported portfolio. Despite trimming its Bitcoin and Ethereum ETF holdings during the quarter, the bank’s overall crypto allocation increased by about 15% quarter over quarter.

The rebalancing occurred during a broader crypto market downturn. Bitcoin fell from about $114,000 at the end of September 2025 to roughly $88,400 by year-end.

Ether declined from approximately $4,140 to $2,970 over the same period. According to SoSoValue data, Spot Bitcoin ETFs recorded $1.15 billion in quarterly outflows, while spot Ethereum ETFs saw $1.46 billion in net outflows in the fourth quarter.

More recent price movements have further affected the reported value of holdings. Based on the disclosures, Goldman’s indirect exposure equates to approximately 13,741 $BTC through spot ETFs.

At the end of the period of report, the price of $BTC hovered around $94,000, bringing the market value of the exposure to approximately $1.3 billion. The value of the exposure has since declined by almost 30% from the end of 2025 to about $920 million at current prices.

ETF Structure Rather Than Direct Ownership

Goldman does not custody Bitcoin, Ethereum, XRP, or Solana directly. Instead, the firm holds spot ETFs that track the underlying assets. ETFs operate as SEC-regulated securities and trade on traditional exchanges, which allows institutions to integrate crypto exposure into existing portfolio and risk management frameworks.

However, ETF-based exposure introduces trade-offs. Spot crypto ETFs typically charge annual management fees ranging from 0.2% to 0.6%. On a $2.36 billion allocation, a 0.4% expense ratio would translate into roughly $9 to $10 million in annual fees. Over time, such costs can reduce net returns compared with direct ownership.

Institutional Signals and Market Reaction

Goldman’s disclosure drew attention across the digital asset sector. Binance founder Changpeng Zhao commented that the filing showed $2.36 billion in crypto and noted that banks have expanded exposure even as some retail investors reduced holdings.

Goldman’s stance on digital assets has evolved in recent years. Before 2020, executives expressed skepticism about Bitcoin, describing it as speculative. Following the approval of spot Bitcoin ETFs in early 2024, the bank began acquiring exposure through regulated vehicles. The fourth quarter 2025 filing reflects continued participation through ETFs rather than direct token ownership.

While Bitcoin and Ethereum remain the core of Goldman’s crypto allocation, the addition of Solana ETFs expands the bank’s exposure to assets associated with payments infrastructure and high-throughput blockchains. The positions remain small relative to Goldman’s overall portfolio, but they offer insight into how one of the largest U.S. banks approaches digital asset exposure within established regulatory frameworks.

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