Goldman Sachs Faces 45% Unrealized Loss on Bitcoin Holdings Amid 2026 Market Correction

As of February 11, 2026, Goldman Sachs' reported Bitcoin holdings have experienced an unrealized loss of approximately 45% relative to values reported in its most recent regulatory filings. This decline is primarily attributed to a sharp drop in Bitcoin's market price from late-2025 cycle highs.

Based on Q4 2025 Form 13F disclosures, the bank held indirect exposure to roughly 13,741 Bitcoin through spot exchange-traded funds (ETFs). At the time of that filing, these holdings were valued at approximately $1.71 billion. With Bitcoin currently trading around $68,700, the value of that same exposure has fallen to about $944 million, representing a decline of roughly $766 million.

Key Investment Details

Despite the recent price volatility, Goldman Sachs significantly increased its cryptocurrency footprint in late 2025.

Total Crypto Exposure: Approximately $2.36 billion as of the Q4 2025 filing.

Asset Allocation: The portfolio includes $1.1 billion in Bitcoin, $1.0 billion in Ethereum, $153 million in XRP, and $108 million in Solana.

Primary Vehicle: The largest portion of Bitcoin exposure is held through BlackRock’s iShares Bitcoin Trust (IBIT).

Portfolio Impact: Digital assets represent roughly 0.33% of the bank's total reported investment portfolio.

Market Context

The 45% unrealized loss reflects Bitcoin's broader market correction in early 2026.

While the asset reached highs near $112,000 in late 2025, it has since retraced due to shifting macroeconomic conditions and regulatory uncertainty. Despite these short-term losses, some analysts maintain bullish long-term forecasts for 2026, with targets ranging from $150,000 to $225,000 based on expected institutional inflows and potential interest rate cuts.

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