The latest 13F filing submitted to the U.S. SEC by Goldman Sachs shows that the investment bank continues to place its "core position" in large tech stocks in the fourth quarter of 2025. However, its operations resemble "selective adjustments": increasing its positions in Apple and Alphabet, while reducing some popular tech stocks and large-cap ETFs/options positions, and significantly shrinking its exposure to Bitcoin and Ethereum spot ETFs.
13F Overview: Slight Drop in Total Position, High Adjustment Frequency
The document shows that Goldman Sachs' total holdings as of December 31, 2025, were valued at approximately $810 billion, slightly down from the previous quarter's $820 billion (about 1.22%). The operational structure indicates that in the quarter, they added 671 stocks, increased holdings of 3027 stocks, and cleared 555 stocks; the top ten holdings accounted for about 22.11% of the portfolio value.
Core Holdings: NVIDIA Remains Leading, Apple and Google Increased
Among the top five heavyweights, NVIDIA remains at the top (about 167 million shares, with a market value of approximately $31.081 billion), but the number of shares slightly decreased compared to the previous quarter. Apple ranks second (about 90.99 million shares, worth about $26.941 billion), with an increase in shares held quarter-on-quarter; Microsoft is third (about 51.36 million shares, worth about $24.839 billion), with a decrease in shares held quarter-on-quarter. Following them are SPY and Alphabet A (Google-A), with an increased number of Alphabet A shares compared to the previous quarter.
Action Breakdown: Concentrated Additions, More Diversified Reductions
Looking at the "buy side," the notable holdings with increased positions in the fourth quarter include Alphabet A, Apple, and some call options on Apple and Tesla. The "sell side" focused on S&P 500 and Nasdaq-related options, Microsoft, and Russell 2000-related put options. Overall, it shows a tendency for: additions to concentrate on a few certain targets, while reductions tend to use options/index tools for risk rebalancing.
Crypto Exposure: Reduction in BTC/ETH Spot ETFs, Increase in XRP and Solana Related ETFs
Notably, in the same 13F, Goldman Sachs disclosed more than $2.36 billion in digital asset-related exposure (about 0.33% of the reported investment portfolio). Structurally, Goldman Sachs significantly reduced its holdings in Bitcoin spot ETFs and Ethereum spot ETFs compared to the previous quarter. At the same time, it increased its holdings in XRP spot ETFs and Solana spot ETFs.
Note: 13F typically reflects a snapshot of institutional "reportable holdings" in U.S. stocks/partial options, not equivalent to complete risk exposure. Market interpretation often focuses more on "directional changes" rather than the absolute scale at a single point in time.
