Goldman Sachs reveals $2.36 billion crypto holdings: How far has traditional finance's Bitcoin journey progressed?

Goldman Sachs disclosed its cryptocurrency asset allocation exposure in its Q4 2025 13F filing, with holdings exceeding $2.36 billion at the end of the quarter. This figure has further increased from approximately $2.05 billion in the same period in 2024, accounting for about 0.33% of its overall investment portfolio.

During the same period, the assets under management for the US spot Bitcoin ETF surpassed $125 billion, and early 2026 saw Morgan Stanley fully open Bitcoin ETF allocation authority to its 15,000 financial advisors.

Goldman Sachs Crypto Asset Allocation

The latest disclosure shows that as of Q4 2025, Goldman Sachs held approximately $1.1 billion in Bitcoin assets and about $1 billion in Ethereum.

In addition to mainstream cryptocurrencies, Goldman Sachs has also begun actively embracing emerging tokens, holding around $153 million in Ripple (XRP) and approximately $108 million in Solana (SOL).

Goldman Sachs’ allocations to these cryptocurrencies are primarily implemented through listed crypto-related ETFs/ETPs traded on US stock markets, rather than direct holdings of spot assets. For example, its Bitcoin holdings mainly consist of BlackRock’s iShares Bitcoin Trust ETF and Fidelity’s Wise Origin Bitcoin Fund.

Notably, this allocation approach was significantly strengthened in Q4 2025, making Goldman Sachs one of the largest institutional players among major US commercial banks with exposure to crypto-related assets.

Wall Street’s Changing Attitude Toward Crypto Assets

Historically, Goldman Sachs has maintained a cautious stance toward crypto assets. Before 2020, its research team described Bitcoin as a speculative asset, emphasizing its limited use as a medium of exchange.

The growth in institutional demand prompted Goldman Sachs to change its position. After 2020, the firm rebooted its crypto trading division, expanded derivatives trading channels, and began publishing objective research reports on cryptocurrencies.

Today, Goldman Sachs has shifted to a cautious strategic layout through crypto-related ETFs, structured products, and tokenization initiatives.

CEO David Solomon stated during the January 2026 earnings call that the company is “spending a lot of time” researching crypto-related technologies, especially tokenization and stablecoins.

Overall Institutional Investment Strategies

Morgan Stanley’s transformation marks a new phase in traditional finance’s acceptance of cryptocurrencies. The wealth management giant, managing over $5 trillion in client assets, has integrated Bitcoin ETFs into its advisor platform.

Its more than 15,000 financial advisors can now proactively recommend Bitcoin ETF allocations to clients, with internal research suggesting a 1-3% Bitcoin allocation based on client risk profiles.

As the world’s largest asset manager, BlackRock manages over $56 billion in iShares Bitcoin ETF assets and is building a broader crypto infrastructure.

The firm’s tokenized US Treasury Money Market Fund, BUIDL, launched on Ethereum, has accumulated over $500 million in assets, demonstrating how blockchain can enable 24/7 settlement, instant redemption, and programmable finance.

Deep Drivers Behind Institutional Entry

The entry of traditional financial institutions into the crypto market is driven by multiple structural factors. Increased regulatory clarity has been crucial, especially with the SEC’s approval of spot Bitcoin ETFs, providing the necessary regulatory green light for compliance departments.

Bitcoin’s low correlation with traditional assets offers genuine diversification benefits. Modern portfolio theory indicates that even small allocations to uncorrelated assets can improve risk-adjusted returns.

The narrative of inflation hedging persists, as Bitcoin’s fixed supply cap attracts investors concerned about monetary policy and long-term currency devaluation. Ongoing inflation in 2024-2025 has reinforced this argument among many allocators.

Younger client demand is also a significant driver. The transfer of wealth to Millennials and Generation Z is accelerating, and these groups exhibit notably higher adoption rates of cryptocurrencies. Advisors serving these clients need Bitcoin products to stay competitive.

Future Outlook for the Crypto Market

The crypto space in 2026 is expected to become more diversified. The stablecoin market size is projected to continue expanding, with a trading volume reaching $46 trillion in 2025 and expected to grow rapidly.

Tokenization technology will see broader adoption by traditional financial institutions. Tools such as stablecoins, tokenized deposits, tokenized bonds, and on-chain bonds will help banks, fintech firms, and financial institutions develop new products.

Wealth management will also undergo transformation. As more asset classes become tokenized, AI-driven personalized investment strategies with real-time execution and rebalancing will become feasible at very low costs.

The development of AI agents will drive fundamental changes in financial service infrastructure. As these agents become widespread, capital flow mechanisms will need to evolve to match the speed and freedom of information dissemination.

For individual investors looking to enter the crypto market, understanding market structure is crucial. Goldman Sachs’ $2.36 billion allocation, though only 0.33% of its total holdings, signifies a fundamental shift in traditional finance’s attitude toward digital assets.

Summary

Bitcoin’s price hovered around $67,000 on the Gate exchange platform as of February 11, 2026. While it has pulled back from last year’s highs, Wall Street has not slowed its pace.

Goldman Sachs holds $2.36 billion in crypto assets, and CEO Solomon has publicly stated that the company is “spending a lot of time” researching tokenization and stablecoins. BlackRock’s tokenization fund has surpassed $500 million, and Morgan Stanley’s 15,000 advisors are recommending Bitcoin allocations to clients.

As traditional financial institutions’ balance sheets begin to embrace crypto assets, and wealth management giants incorporate digital assets into standard portfolio recommendations, a new era led by institutional players in crypto has quietly begun.