Goldman Sachs just disclosed $1.1 BILLION in BlackRock’s Bitcoin ETF (IBIT) in their Q4 2025 13F filing.

That’s the same Goldman Sachs that in 2020 listed “5 reasons Bitcoin is not an asset class suitable for investment.”

Watch what they do, not what they say. 🧵

The timeline tells the story:

2020: “Bitcoin is not suitable for investment” 2022: First BTC-backed loan + options trade 2024: $400M in Bitcoin ETFs 2025 Q4: $1.1B in IBIT alone

Every year they go deeper. Every year the thesis gets stronger.

The full crypto exposure? $2.36 billion total.

But Bitcoin is the lion’s share, $1.1B in IBIT, $35.8M in Fidelity’s FBTC, plus options positions (calls AND puts on IBIT).

Bitcoin isn’t a side bet. It’s the core allocation.

To put this in perspective: In 2024, Goldman’s first meaningful Bitcoin ETF position was roughly $400M.

They nearly TRIPLED their Bitcoin ETF exposure in one year.

This isn’t dabbling. This is conviction.

And Goldman isn’t alone. The 13F deadline is Feb 14, expect more institutional disclosures this week.

When the biggest banks in the world are quietly accumulating while price is down 21% YTD, that tells you everything about where smart money thinks this is going.

The irony: Goldman’s research desk spent years telling clients Bitcoin was too volatile, too speculative, too risky.

Meanwhile, their trading desk was building a billion-dollar position.

The research reports were for you. The 13F is for them.

This is the institutional adoption cycle playing out exactly as Bitcoiners predicted:

1. Dismiss it
2. Study it
3. Trade around it
4. Accumulate it
5. Recommend it to clients

Goldman is firmly at stage 4. Stage 5 is coming.

The filing: