Goldman Sachs Cuts Exposure to XRP and Solana ETFs

Goldman Sachs significantly reduced its holdings in cryptocurrency exchange-traded funds (ETFs) during the first quarter of 2026, according to its latest Form 13F filing with the US Securities and Exchange Commission.

Notably, the filing showed no exposure to XRP-linked ETFs. In its fourth-quarter 2025 filing, Goldman Sachs reported approximately $154 million in XRP-related ETF holdings across products issued by Bitwise, Franklin Templeton, Grayscale Investments, and 21Shares.

At the end of 2025, Goldman Sachs was considered the largest institutional holder of XRP-linked ETFs. Quarterly 13F disclosures are closely monitored because they provide insight into how major asset managers allocate capital across digital asset investments. Despite broader institutional interest in crypto ETFs remaining strong, Goldman Sachs appears to have reduced exposure to certain altcoin-related products.

XRP and Solana ETF positions disappear

The investment bank also no longer reported holdings in Solana-linked ETFs. Previously, Goldman Sachs had disclosed positions in products such as the Grayscale Solana Trust ETF (GSOL), Bitwise Solana Staking ETF (BSOL), and Fidelity Solana Fund (FSOL).

Both XRP- and Solana-focused ETFs launched during late 2025 as issuers expanded beyond traditional crypto investment products centered on Bitcoin and Ether. Solana ETF products began entering the market in October 2025, with additional launches following in November. The first spot XRP ETFs arrived in mid-November as issuers competed to introduce new altcoin investment products.

Bitcoin and Ethereum exposure remains significant

Although Goldman Sachs exited XRP and Solana ETF positions, the bank maintained substantial exposure to Bitcoin and Ethereum investment products. The filing showed holdings of approximately $690 million in iShares Bitcoin Trust ETF (IBIT) from BlackRock, along with around $25 million in the Fidelity Wise Origin Bitcoin Fund (FBTC). Both positions were reduced by roughly 10% during the quarter.

Goldman Sachs also cut its stake in the iShares Ethereum Trust (ETHA) by around 70%, leaving the bank with approximately 7.2 million shares valued near $114 million. Beyond ETFs, the bank increased exposure to several crypto-related equities. Its holdings in CRCL rose by 249%, while exposure to GLXY increased by 205%.

The bank also expanded positions in Coinbase Global (COIN), Robinhood Markets (HOOD), and PayPal (PYPL).

At the same time, Goldman Sachs reduced holdings in crypto mining and infrastructure companies, including BMNR, BTBT, and RIOT, while also trimming positions in MSTR and IREN.

Sources:

https://www.sec.gov/Archives/edgar/data/886982/000088698226000274/0000886982-26-000274-index.htm

https://cointelegraph.com/news/goldman-sachs-xrp-solana-etf-exposure-q1-2026

https://ripple.com/insights/xrp-etfs-the-institutional-era-has-begun/

https://x.com/JSeyff/status/2031373093139034395

https://bsoletf.com/