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The Goldman Sachs Group$GS · filed: grew revenue 8.9% in FY2025 to $58.3BSound shipNext year $51.2B–$71.8B sealedCheck ▾Close ▴
What The Goldman Sachs Group filed
Grew revenue 8.9% in FY2025 to $58.3 billion, equity 6.9% of assets, and dividend per share up 15 years running. Every figure links to the filing it came from on The Goldman Sachs Group’s card. Sound ship: one warning sign.
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $51.2B and $71.8B, an 80% range sealed on 10 Nov 2026 · receipt #65caf6 · graded in public by the revenue in The Goldman Sachs Group’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Goldman's **$418M** bitcoin ETF debut and Aschenbrenner's miner positions split institutional crypto into paper exposure and infrastructure convexity.
$418 million
in spot bitcoin ETF purchases during Q2 2024
27%
in the same quarter
6,800 bitcoin
across multiple issuers
0.34%
of Goldman's disclosed equity book
Goldman Sachs disclosed $418 million in spot bitcoin ETF purchases during Q2 2024, marking the firm's first public entry into direct bitcoin exposure vehicles. The position appeared in Wednesday's 13F filing deadline, scattered across BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund. Morgan Stanley, by contrast, trimmed its bitcoin ETF holdings by 27% in the same quarter.
The Goldman entry lands nine months after the SEC approved spot bitcoin ETFs in January. The firm held zero bitcoin ETF exposure in Q1. By June 30, it held paper claims on roughly 6,800 bitcoin across multiple issuers, avoiding single-fund concentration. The position represents 0.34% of Goldman's disclosed equity book, a rounding error in percentage terms but a named-account validation for every allocator who spent 2023 arguing bitcoin belonged in model portfolios.
Leopold Aschenbrenner's newly launched hedge fund used the same Q2 window to build concentrated positions in bitcoin miners and power infrastructure. Aschenbrenner, who left OpenAI in 2023 after circulating internal memos on AGI timelines and compute bottlenecks, disclosed stakes in Marathon Digital, Riot Platforms, and Vistra Energy. The Vistra position is the tell. Vistra owns 18 gigawatts of generation capacity and sells power purchase agreements to hyperscalers and miners. Aschenbrenner is not buying bitcoin. He is buying the spread between wholesale power costs and miner economics, plus the embedded optionality that AI training and bitcoin mining compete for the same constrained input: cheap, grid-adjacent electricity.
The divergence matters because it separates two institutional theses. Goldman bought regulated ETF wrappers, which offer price exposure and compliance infrastructure but no yield, no operational leverage, and no convexity if bitcoin becomes a treasury asset or a synthetic energy reserve. Aschenbrenner bought the miners themselves, which carry equity risk but also capture the full margin expansion if hash difficulty drops, if power costs fall, or if the next halving cycle forces marginal miners offline. The miner trade is a bet that the market misprices the option value of stranded energy assets and flexible compute load. The ETF trade is a bet that clients want the exposure and Goldman wants the fees.
Morgan Stanley's 27% trim during the same quarter adds texture. The firm reduced its bitcoin ETF book from $270 million to $187 million, rotating capital while Goldman entered. Morgan Stanley cleared its wealth advisors to offer bitcoin ETFs in July, after the Q2 window closed. The timing implies the Q2 trim was a house position adjustment, not a wealth-channel demand signal. Goldman's entry and Morgan Stanley's exit may reflect nothing more than internal asset-liability management and differing views on where the SEC's enforcement perimeter stops.
Operators should watch three follow-on events. First, Q3 13F filings in November will show whether Goldman added to its position after the July bitcoin price drop to $54,000 or whether the $418 million was a one-time allocation test. Second, marathon and Riot report Q3 earnings in late October. If hash rate growth slows and power costs stabilize, Aschenbrenner's thesis gets its first public mark. Third, the SEC's final rule on bitcoin ETF options, expected by November, will determine whether institutional desks can sell volatility against these positions or remain stuck with unhedged spot exposure.
The market now has a clean natural experiment. Two firms, same quarter, opposite execution. One bought the wrapper. One bought the watts.
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For the principal
Q3 13F filings in November will show whether this was allocation testing or the start of a sustained institutional rotation into digital assets.
For the operator
Watch Marathon and Riot Q3 earnings in late October for the first public test of the miner-versus-ETF thesis under current hash rate and power costs.
For the house
Huang Goodman holds no spot bitcoin ETF exposure; monitoring SEC options rule for volatility-selling opportunities against institutional flows.
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