Goldman Sachs Cuts Bitcoin and Ethereum ETF Holdings by Nearly 40% in Q4 2025

Goldman Sachs significantly reduced its exposure to spot cryptocurrency exchange-traded funds in the fourth quarter of 2025, trimming both bitcoin and ether ETF holdings as digital asset markets declined.

Goldman Sachs Reduces Spot Bitcoin ETF Exposure

As of Dec. 31, 2025, the firm held approximately 21.2 million shares across various spot bitcoin ETFs, valued at $1.06 billion, according to its latest regulatory filing. That represents a 39.4% drop in share count compared with the third quarter.

The bank also reduced its position in spot Ethereum ETFs. Holdings totaled roughly 40.7 million shares worth about $1 billion at year-end, marking a 27.2% decrease from the previous quarter.

Crypto Market Decline and ETF Outflows

The portfolio adjustments came during a broader market downturn. Bitcoin fell from around $114,000 at the end of September to $88,400 by year-end, while ether declined from $4,140 to $2,970.

During the same period, spot bitcoin ETFs recorded $1.15 billion in net outflows, and spot ether ETFs saw $1.46 billion in withdrawals, reflecting weaker investor demand amid falling prices.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.