Goldman Sachs Withdraws From XRP and Solana ETF Holdings During First Quarter 2026
In Q1 2026, Goldman Sachs reduced cryptocurrency ETF holdings, completely withdrawing from XRP and Solana-based funds while decreasing positions in Bitcoin and Ethereum ETFs and adjusting equity investments.
During the opening quarter of 2026, American investment banking giant Goldman Sachs dramatically scaled back its holdings in exchange-traded funds (ETFs) focused on cryptocurrencies.
Goldman Sachs' Q1 Form 13F filing submitted to the US Securities and Exchange Commission contained no references to ETFs linked to XRP.
According to its Q42025 13F filing, Goldman Sachs had maintained approximately $154 million in XRP-related ETF positions across products from Bitwise, Franklin Templeton, Grayscale and 21Shares.
Crypto market participants closely monitor quarterly 13F filings as these documents offer a unique window into the capital allocation strategies of major institutional asset management firms regarding digital-asset investment vehicles. The financial institution stepped away from XRP-based products, despite continued institutional appetite for digital-asset ETFs across the broader market.
Swift retreat from emerging crypto ETF products
Goldman Sachs also eliminated all holdings in ETFs connected to Solana from its portfolio.
The financial firm had previously maintained stakes in various Solana-linked ETF products, such as the Grayscale Solana Trust ETF (GSOL), the Bitwise Solana Staking ETF (BSOL) and the Fidelity Solana Fund (FSOL).
XRP- and Solana-linked ETF products made their debut in the latter part of 2025, marking a period when fund issuers began introducing a fresh generation of cryptocurrency funds extending beyond Bitcoin (BTC) and Ether (ETH).
Late October 2025 marked the trading debut of Solana ETFs, followed by additional product launches throughout November. Mid-November saw the market introduction of the first spot XRP ETFs as competing issuers rushed to deliver new altcoin investment products to market participants.
Goldman Sachs reduces Bitcoin ETF positions while maintaining over $700 million in holdings
Despite eliminating its ETF holdings in XRP and Solana entirely, Goldman Sachs maintained substantial investment positions in both Bitcoin and Ether ETFs, in addition to equity stakes in cryptocurrency-focused corporations.
The investment bank maintained approximately $690 million in BlackRock's iShares Bitcoin Trust ETF (IBIT) alongside an additional $25 million in the Fidelity Wise Origin Bitcoin Fund (FBTC), though both holdings experienced reductions of approximately 10% throughout the quarter.
Goldman Sachs additionally decreased its holdings in the iShares Ethereum Trust (ETHA) by approximately 70%, resulting in a remaining position of roughly 7.2 million shares with a valuation of approximately $114 million.
Regarding crypto equity positions, Goldman Sachs expanded its holdings across multiple companies, most notably increasing its Circle Internet Group (CRCL) position by 249% and boosting Galaxy Digital (GLXY) holdings by 205%, while simultaneously expanding positions in Coinbase Global (COIN), Robinhood Markets (HOOD) and PayPal Holdings (PYPL) throughout the quarter.
Conversely, the bank decreased its investment stakes in prominent mining and infrastructure companies, such as BitMine Immersion Technologies (BMNR), Bit Digital (BTBT) and Riot Platforms (RIOT). The firm also scaled back holdings in Strategy (MSTR) and IREN (IREN).