Goldman Sachs slashed its spot Bitcoin ETF holdings by 39.4% in Q4 2025, reducing shares to 21.2 million valued at $1.06 billion, per its February 10, 2026, Form 13F filing. Spot Ethereum ETF positions dropped 27.2% to 40.7 million shares worth $1 billion. This pullback aligns with a broader crypto market downturn, as Bitcoin fell from $114,000 to $88,400 and Ethereum from $4,140 to $2,970 by year-end.
Despite cuts, Goldman added $152.2 million in spot XRP ETFs and $108.9 million in spot Solana ETFs, launched in Q4, per the filing. This diversification reflects interest in XRP ($2.29) and Solana ($184.50) amid SEC delays on further approvals, per. The move contrasts with MicroStrategy’s aggressive BTC accumulation, highlighting varied institutional strategies.
Q4 saw $1.15 billion net outflows from spot Bitcoin ETFs and $1.46 billion from Ethereum ETFs, per SoSoValue. Goldman’s reduction mirrors this trend, driven by profit-taking and macro uncertainty, per. Robinhood reported a 38% crypto revenue drop, underscoring cooling retail activity, per. Yet, BlackRock’s IBIT held $89.11B AUM, showing resilience in institutional demand.
Goldman’s pivot to XRP and Solana suggests confidence in diversified crypto exposure, potentially positioning for 2026 ETF approvals, per. With BTC support at $112,000 and ETH at $4,000, a rebound could follow Jackson Hole clarity, per TradingView. Investors should monitor ETF flows on SoSoValue and SEC filings. Goldman’s actions reflect prudent rebalancing amid volatility, with $324B in Robinhood assets signaling sustained interest.
