Goldman Sachs’ XRP & Solana Exit Isn’t What Crypto Twitter Thinks

In the latest episode, Wendy O dissects headlines claiming Goldman “exited its XRP and Solana ETF positions in Q1 2026,” stressing that these disclosures come from delayed 13F filings and likely reflect client ETF activity, not Goldman’s proprietary trading book.

“They trade differently than we do,” the host says of large institutions. “This is not bearish news to me — this is just the way traditional markets work.”

According to the freshest analysis, the filings indicate that Goldman fully exited a roughly $154 million XRP ETF exposure distributed across issuers including Bitwise, Franklin Templeton, Grayscale, and 21Shares. The bank also appears to have closed all Solana ETF positions across providers such as Grayscale, Bitwise, and Fidelity.

The same filing data, cited from TradingView by the host, suggests Goldman sharply reduced its Ethereum ETF exposure by around 70% to about $114 million, while keeping “substantial” Bitcoin ETF holdings — trimmed only about 10% to near $700 million.

At the same time, Goldman reportedly added stakes in crypto-adjacent equities like Circle, Galaxy Digital, and Coinbase, and maintained links to platforms such as Hyperliquid.

Wendy O emphasizes that 13F reports show only long equity positions and only as of quarter-end. They exclude shorts, intra-quarter trading, and any rationale for changes — whether profit-taking, client redemptions, risk management, or regulatory adjustments.

“By the time it’s public, the data is stale” the market commentator notes, pointing to the 45-day lag after quarter-end.

The YouTube video underlines that many of these ETF positions are believed to be held by Goldman’s trading desk for “client facilitation” — ETF creation and redemption, market making, and liquidity — rather than directional bets.

If clients rebalance, redeem, or shift into other products, those positions disappear from the 13F, even if Goldman’s overall crypto footprint hasn’t structurally changed.

Portfolio re-balancing for liquidity or tax reasons is described as routine for large institutions and hedge funds, and the host argues that conflating that with a broad anti-XRP or anti-Solana stance is a misread.

The lack of real-time, on-chain-style visibility in traditional markets is precisely why the raw 13F numbers are “easy to misinterpret, especially in fast-moving markets like crypto ETFs.”

Looking ahead, Wendy O remains constructive on both XRP and Solana, highlighting their role in AI, DeFi, and real-world assets, and noting that they are among the small group of assets likely to be “grandfathered in with clarity” via existing or forthcoming spot ETFs.

For the crypto crew, the key takeaway is that big-bank filings may say more about client flows and regulatory reporting than about Wall Street’s conviction in individual chains.

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