Goldman Sachs increased its stake in Strategy during the fourth quarter of 2025 while cutting its position in the iShares Bitcoin Trust ETF, according to the bank's 13F filing.
The Wall Street giant added 237,874 shares of MSTR during the quarter, a gain of 11.37%, bringing its total position to 2,330,142 shares. At current prices the holding is valued at approximately $313 million, representing 0.04% of Goldman's reported portfolio — down from 0.08% the prior quarter, reflecting both the addition and MSTR's declining share price over the period.
On the ETF side, Goldman reduced its IBIT position by 13,278,280 shares, a cut of 39.10%, leaving the firm with 20,685,044 shares valued at approximately $806 million. Despite the reduction, IBIT remains a significantly larger bitcoin-linked exposure for the bank than MSTR in dollar terms.
The filing is part of Goldman's broader Q4 2025 crypto disclosure, which revealed more than $2.36 billion in total exposure to spot crypto ETFS tied to bitcoin, ethereum, XRP, and solana. Bitcoin-linked holdings, primarily via ETFS, represented the largest allocation within that figure.
The moves signal a nuanced repositioning: Goldman deepened its direct equity exposure to Strategy's bitcoin treasury model while reducing its passive spot-bitcoin ETF allocation — suggesting a preference for leveraged bitcoin exposure over the quarter, even as MSTR shares fell more than 50% from their October 2025 highs. Strategy currently holds 714,644 BTC, making it the largest corporate bitcoin holder in the world.
