Goldman Sachs’ Bitcoin holdings reveal 45% unrealized loss

Mehab Qureshi

Wed, February 11, 2026 at 10:26 AM GMT+9 3 min read

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Goldman Sachs’ reported Bitcoin holdings have fallen by 45% since its last regulatory filing, a decline driven almost entirely by Bitcoin’s price drop.

Based on fourth-quarter 2025 Form 13F disclosures, Goldman Sachs holds indirect exposure to approximately 13,741 Bitcoin through spot Bitcoin exchange-traded funds (ETFs).

At the time of the filing, those holdings were valued at about $1.71 billion, reflecting Bitcoin prices near cycle highs late last year.

At today’s Bitcoin price of roughly $68,700, the same exposure is now worth about $944 million, implying a decline of approximately $766 million, or around 45%, purely due to market movement.

Related: JPMorgan makes new ETF prediction as bitcoin price surges past $40,000

The math behind the 45% drop

Form 13F filings report the value of holdings at the end of a quarter, not the price paid or current market value.

In Goldman’s case, the filing reflects Bitcoin prices near late-2025 highs.

Using BlackRock’s iShares Bitcoin Trust (IBIT) as an example, Goldman reported holding roughly $1.28 billion worth of shares. Dividing that value by the number of shares disclosed produces an implied ETF share price consistent with Bitcoin trading near $112,000 at the time of reporting.

Comparing that implied Bitcoin price with today’s price of about $68,700 results in a decline of approximately 44.8%.

Because spot ETFs are legally required to track Bitcoin’s price, this comparison provides a reliable picture of how the position’s market value has changed.

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ETF exposure, not direct Bitcoin ownership

Goldman Sachs does not hold Bitcoin directly on its balance sheet.

Instead, its exposure comes almost entirely through spot Bitcoin ETFs, which hold Bitcoin on behalf of shareholders and track the asset’s price more closely than futures-based products.

The bulk of Goldman’s exposure sits in BlackRock’s iShares Bitcoin Trust (IBIT), where the bank holds more than 19 million shares, representing an estimated 11,400 BTC.

Additional positions include Fidelity’s Wise Origin Bitcoin Fund (FBTC), Grayscale’s Bitcoin Trust (GBTC), Bitwise’s BITB, and smaller allocations to ARK 21Shares, Invesco Galaxy and WisdomTree Bitcoin ETFs.

More than 99% of Goldman’s reported Bitcoin ETF exposure is in spot products, with only a minimal allocation to futures-based ETFs such as ProShares’ BITO.

Goldman reported roughly $157 million in call options tied to Bitcoin ETFs, alongside more than $600 million in put options, which increase in value when prices fall. The size of the put positions substantially outweighs the calls, indicating protection against downside risk.

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Such derivatives are commonly used by large banks for market-making, hedging or volatility management, and may offset a significant portion of the paper decline in spot holdings.

Importantly, the decline does not necessarily represent a realized loss.

The Form 13F filing captures holdings and values at a specific reporting date, while current market prices simply reflect where those positions stand today.

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Why the value dropped so sharply

Bitcoin has fallen sharply from its late-2025 peak, when prices briefly traded near six figures before a broader risk-off move hit both equities and crypto markets.

That sell-off has been driven by several factors, including tighter financial conditions, declining liquidity, and rising volatility across global markets.

Earlier last week, Goldman Sachs warned clients that equities could face up to $80 billion in additional selling pressure.

Ethereum and other crypto exposure remains significant

Bitcoin is not Goldman’s only crypto exposure.

In fact, Ethereum represents an even larger reported allocation by value.

Goldman holds more than $1.1 billion in Ethereum ETFs, primarily through the iShares Ethereum Trust (ETHA) and the Fidelity Ethereum Fund (FETH), along with a smaller position in Grayscale’s Ethereum Trust.

Like Bitcoin, those holdings have also been affected by market volatility since the filing date.

Beyond the two largest assets, Goldman’s exposure is comparatively modest.

XRP exposure totals roughly $114 million, spread across Bitwise, Franklin Templeton and 21Shares ETFs, while Solana exposure sits near $2 million across two specialized products.

Related: Cathie Wood is following Rich Dad Poor Dad’s investment advice

This story was originally published by TheStreet on Feb 10, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.

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