Goldman Sachs Group Inc. filed its Q4 2025 portfolio report (13F) with the SEC, revealing a total portfolio value of $810 billion, down approximately 1.22% from the previous quarter's $820 billion. The investment bank added 671 new positions, increased holdings in 3,027 stocks, and liquidated 555 positions during the quarter. The top ten holdings accounted for 22.11% of the total portfolio value.
NVIDIA maintained the top position with approximately 167 million shares valued at $31.08 billion, representing 3.83% of the portfolio despite a 0.82% reduction in shares. Apple secured the second position with about 90.99 million shares worth $26.94 billion, constituting 3.32% of the portfolio after a 2.60% increase in holdings. Microsoft ranked third with roughly 51.36 million shares valued at $24.84 billion, accounting for 3.06% of the portfolio following a 5.86% decrease. SPDR S&P 500 ETF Trust held the fourth position with approximately 32.92 million shares worth $22.45 billion, representing 2.77% of the portfolio after a 9.01% reduction. Alphabet Inc. rounded out the top five with about 52.19 million shares valued at $16.34 billion, comprising 2.01% of the portfolio following a 1.47% increase.
The top five purchases by weighting changes were Alphabet, Apple, Apple call options, SPDR Dow Jones Industrial Average ETF Trust, and Tesla call options. The largest sales included SPDR S&P 500 ETF Trust put options, Invesco QQQ Trust call options, SPDR S&P 500 ETF Trust call options, Microsoft, and iShares Russell 2000 ETF put options.
Beyond reducing Microsoft exposure, Goldman Sachs significantly decreased positions in NVIDIA, Tesla, Broadcom, and Meta Platforms during the quarter. Among technology giants, the bank increased holdings in Apple, Amazon.com, and Alphabet. Notably, the firm established a new position in TotalEnergies.
The 13F filing also disclosed substantial cryptocurrency exposure, with digital assets totaling over $2.36 billion representing 0.33% of the reported portfolio. This positions Goldman Sachs among major U.S. banks with the highest proportional exposure to cryptocurrency-related assets, though such holdings remain a minor component of overall investments. Detailed examination shows the firm's XRP exposure primarily derives from XRP exchange-traded funds, with holdings valued at approximately $152 million.
Overall, as of December 31, 2025, Goldman Sachs held approximately 21.2 million shares across various spot Bitcoin ETFs with a total value of $1.06 billion, representing a 39.4% decrease from Q3. The firm also held about 40.7 million shares of spot Ethereum ETFs valued at approximately $1 billion, marking a 27.2% reduction from the previous quarter. Meanwhile, the investment bank increased positions in newly launched spot XRP and Solana ETFs, holding $152.2 million in spot XRP ETFs and $108.9 million in spot Solana ETFs by year-end.
These adjustments occurred against a backdrop of declining cryptocurrency markets in Q4 2025, with Bitcoin falling from approximately $114,000 at September's end to about $88,400 by year-end. Ethereum similarly declined from $4,140 to $2,970 during the same period. Spot Bitcoin ETFs experienced net outflows of $1.15 billion in Q4, while Ethereum ETFs saw net outflows of $1.46 billion according to market data.
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