Goldman Sachs Group Inc. eliminated its exposure to XRP and Solana exchange-traded funds in the first quarter of 2026, a significant portfolio rebalancing revealed in its latest regulatory filing.
The move was detailed in the bank’s quarterly Form 13F filed with the U.S. Securities and Exchange Commission, a mandatory disclosure for institutional investment managers of its size. The filings provide a snapshot of institutional positioning in digital assets.
According to the filing, the investment bank exited its entire position in XRP-linked ETFs, which was valued at nearly $154 million at the end of the fourth quarter of 2025. The bank’s holdings in all Solana-linked ETFs were also reduced to zero. At the same time, Goldman trimmed its position in BlackRock’s iShares Bitcoin Trust (IBIT) by about 10% to $690 million and cut its holdings in the iShares Ethereum Trust (ETHA) by approximately 70% to $114 million.
While Goldman’s exit from the altcoin ETFs could be seen as a bearish signal, it contrasts with broader market trends that have seen significant capital inflows into those same products. The move appears to be a firm-specific rotation into crypto-adjacent equities rather than a wholesale retreat from the sector, with a key deadline for the CLARITY Act approaching in June that could provide further regulatory direction for XRP.
A Shift From Altcoin Funds to Crypto Equities
While Goldman Sachs stepped back from direct altcoin ETF exposure, it doubled down on companies providing financial infrastructure for the crypto economy. The bank increased its investment in Circle Internet Group (CRCL), the issuer of the USDC stablecoin, by 249% and boosted its position in crypto financial services firm Galaxy Digital (GLXY) by 205%.
The bank also added to its holdings in Coinbase Global (COIN), Robinhood Markets (HOOD), and PayPal Holdings (PYPL). In contrast, it reduced its exposure to cryptocurrency mining and infrastructure companies, cutting stakes in BitMine Immersion Technologies (BMNR), Riot Platforms (RIOT), and MicroStrategy (MSTR).
Broader ETF Market Shows Divergent Trend
Goldman's decision to sell off its XRP and Solana ETF holdings diverges from the wider institutional trend. Since their launch in late 2025, spot XRP and Solana ETFs have consistently attracted capital, demonstrating sustained investor demand.
Data shows cumulative inflows for XRP-linked ETFs have reached over $1.39 billion, while Solana ETFs have attracted more than $1.12 billion. This steady accumulation by the broader market suggests that other institutions see value in the assets, even as Goldman Sachs re-evaluates its strategy. The sustained inflows indicate that many investors are positioning for catalysts like the Alpenglow upgrade for Solana and potential regulatory clarity for XRP, regardless of one bank's portfolio adjustments.
This article is for informational purposes only and does not constitute investment advice.
