Goldman gained this exposure mainly through regulated crypto ETFs.
One of the world’s most influential investment banks, Goldman Sachs, said it has $2.36 billion in crypto, and people are noticing just how much Ethereum it holds in its portfolio.
According to its filing, the bank said it has $1.0 billion in Ethereum and $1.1 billion in Bitcoin.
Global investment bank Goldman Sachs has disclosed a $2.36 billion cryptocurrency portfolio in its most recent quarterly regulatory filing. What’s catching attention across markets is not just the size of the holding, but just how closely Ethereum (ETH) trails Bitcoin (BTC) in the bank’s crypto breakdown.
The bank disclosed that its largest holding is Bitcoin, worth about $1.1 billion, followed closely behind by $1.0 billion in Ethereum. Goldman also reported $153 million in XRP and $108 million in Solana, but what made the report so interesting was that they held almost the same number of Ethereum as Bitcoin.
Normally, conservative firms like Goldman favor market size when building their portfolios, and since Bitcoin is the largest crypto asset by market value, these companies will hold more of it than any other digital asset. That’s why Goldman is getting a lot of attention because it seems the firm isn’t following the rules and is leaning more on Ethereum.
This disclosure stirred up a lot of reaction from the crypto industry, with figures like Moonrock Capital founder Simon Dedi saying the allocation was “very interesting,” and that Goldman was behaving “significantly more bullish on Ethereum than Bitcoin.” In short, he thinks the bank has a lot of confidence in Ethereum compared to the crypto asset most institutions trust.
Binance founder Changpeng Zhao wasn’t left behind, because he pointed to an important detail from Goldman’s filing and said that the company’s crypto exposure grew by about 15% from the previous quarter.
The filing shows just how serious Goldman is about making digital assets a big part of its strategy, as its overall portfolio dipped slightly from $817.4 billion in Q3 to $811.1 billion in Q4, yet the bank still expanded its crypto position during the same period.
Instead of just buying Bitcoin and Ethereum and holding the coins directly on its own balance sheet, Goldman is growing its crypto holdings through spot Bitcoin and Ethereum ETFs. With this approach, the bank can still participate in the crypto market while remaining within the financial system that big institutions trust.
the digital currency. Instead, Goldman Sachs is holding shares in funds that track Bitcoin’s price, which is why the filing shows the crypto holdings but doesn’t represent ownership. Banks feel safer in this system because the price of crypto moves too fast to keep up with, or even predict, at times.
A large part of Goldman’s Bitcoin-related positions is through one of the largest spot Bitcoin ETFs currently trading, the iShares Bitcoin Trust, or IBIT, offered by BlackRock. Goldman has also disclosed other smaller positions through leading ETF issuers, including Fidelity, Grayscale, and Bitwise. While Goldman’s crypto positions are diversified, they are still largely concentrated with the largest and most respected ETF names.
Even with banks using ETFs, the price of crypto goes up and down rapidly because it tracks the market. Therefore, the filing also reminds everyone that crypto is still a risky investment. There have also been reports that Goldman’s Bitcoin ETF exposure has fallen significantly since the late 2025 peak, which shows how quickly things can change even for a large firm like Goldman Sachs.
These figures indicate that Goldman Sachs’ indirect position equates to approximately 13,741 Bitcoin, which were worth approximately $1.71 billion at the time the filing was made. However, since Bitcoin’s current price is closer to $68,700, the same position would be worth approximately $944 million.
