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Goldman Sachs revealed a significant exposure to crypto assets in its 13F report for the fourth quarter of 2025, with its digital assets exceeding $2.36 billion.
The document shows $1.1 billion in Bitcoin, $1.0 billion in Ethereum, $153 million in XRP, and $108 million in Solana, representing an allocation of 0.33% of its stated investment portfolio.
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The banking giant embraces exposure to XRP
These disclosures place Goldman among the main US banks with the most exposure to crypto-related assets, although this is still a small proportion of total shares.
A careful analysis of the document showed that Goldman Sachs’ exposure to XRP is mainly via XRP ETFs, with a value of about $152 million.
XRP US Spot ETF currently holds over $1.04 billion in total net assets. The XRP ETF has been trading for 56 days and has recorded only 4 days of outflows.
Goldman Sachs is considered one of the most influential investment banks in the world, advising governments and corporations on mergers, capital markets and restructuring.
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At the beginning of 2026, the investment bank oversaw approximately $3.6 trillion in assets under management for institutional and individual clients. It also runs huge segments in trading, asset management and wealth management.
It acts as a leading market indicator, and its portfolio disclosures often indicate broader institutional sentiment.
Goldman Sachs historical position on Bitcoin
Goldman Sachs has historically taken a publicly skeptical stance towards Bitcoin.
Before 2020, executives and research teams described Bitcoin as a speculative asset with limited financial use and no substantial cash flows.
The company has been describing cryptocurrencies as unsuitable for conservative investment portfolios, emphasizing volatility and regulatory risks.
This situation began to change after 2020 as institutional demand increased. Goldman has relaunched its cryptocurrency trading desk, expanded access to derivatives, and produced research acknowledging Bitcoin’s role as a potential inflation hedge, while continuing to downplay its endorsement as a primary asset class.
After the crypto winter of 2022, the company also emphasized the risks of the infrastructure and the counterparty.
Goldman has recently moved toward a cautious commitment. Participate through exchange-traded funds (ETFs), structured products and tokenization initiatives, emphasizing that cryptocurrencies remain speculative.
