Goldman Sachs Exits XRP And Solana ETFs As Q1 Filing Shows Crypto Rotation

Goldman Sachs sharply reshaped its crypto-linked portfolio in the first quarter, with its latest 13F filing accepted by the SEC on May 15 covering holdings as of March 31, 2026. The filing is a delayed institutional snapshot rather than live positioning, but the change is still notable because Goldman had been one of the most visible Wall Street holders of newer altcoin ETF products.

A May 18 breakdown of the Q1 filing shows Goldman cleared its XRP-related ETF positions and exited Solana ETFs from Grayscale, Bitwise, and Fidelity. That marks a reversal from the prior quarter, when the bank held roughly $154 million in XRP ETF exposure and more than $100 million in Solana ETF exposure. The exit does not prove Goldman has turned bearish on XRP or Solana directly, since 13F filings do not show short exposure, client-level mandates, hedges, or trades after quarter-end. It does show that the bank no longer reported those ETF positions at the March 31 cutoff.

The move matters because XRP and Solana ETFs had become a useful test of institutional demand beyond Bitcoin and Ethereum. If a major bank builds a position and then removes it one quarter later, the market has to separate durable balance-sheet exposure from tactical ETF positioning, client facilitation, or short-term product rotation. That distinction is especially important in newer ETF categories, where liquidity, spreads, issuer concentration, and regulatory narratives can change quickly.

Ethereum Cut Is Larger Than Bitcoin Reduction

Goldman’s Ethereum ETF exposure also fell hard. Its iShares Ethereum ETF position was reduced by about 70%, leaving roughly $114 million. That is a much sharper adjustment than the bank’s Bitcoin ETF book, where the Q1 snapshot still included about $690 million in BlackRock’s IBIT and about $25 million in Fidelity’s FBTC, both down roughly 10% from the previous quarter.

The contrast leaves Bitcoin as the clearer institutional core exposure inside Goldman’s reported crypto ETF book. Ethereum remains present, but the size cut weakens the idea that the bank was maintaining near-equal BTC and ETH ETF conviction after the fourth-quarter disclosures. Bitcoin’s deeper ETF liquidity, larger asset base, and clearer role as the first institutional crypto allocation likely helped it remain the heavier position even as Goldman trimmed exposure.

The update also lands weeks after Goldman moved from being only a holder of crypto ETF exposure to building its own Bitcoin product strategy. The bank’s Bitcoin Premium Income ETF filing showed a covered-call-style structure designed to generate income from Bitcoin-linked exposure rather than simply track spot BTC. That product direction fits the Q1 holding shift: Goldman appears more comfortable keeping Bitcoin at the center of its crypto ETF activity while reducing exposure to higher-beta altcoin products.

Crypto Stock Exposure Moves In A Different Direction

The filing snapshot did not show a simple retreat from the whole crypto sector. Goldman increased positions in Circle, Galaxy Digital, Coinbase, Robinhood, and PayPal while reducing holdings in Strategy, Riot Platforms, IREN, and Bit Digital. That mix suggests a rotation away from some balance-sheet and mining-heavy crypto equities and toward platforms tied to stablecoins, brokerage, exchange infrastructure, payments, and broader digital-asset market access.

That rotation is more nuanced than an anti-crypto headline. Cutting XRP, Solana, and Ethereum ETF exposure reduces direct token-linked exposure. Adding Coinbase, Circle, Galaxy, Robinhood, and PayPal keeps Goldman exposed to the infrastructure layer that can benefit from trading activity, custody demand, stablecoin settlement, tokenization, and retail brokerage flows. The bank appears to be shifting where it wants crypto risk to sit, not abandoning the category altogether.

For XRP and Solana, the next test is whether other institutions fill the gap left by Goldman’s Q1 exit or whether the filing becomes evidence that early ETF exposure was more tactical than sticky. For Ethereum, the $114 million remaining ETHA position still leaves Goldman in the market, but at a much smaller size. The clearest institutional signal now sits with Bitcoin ETFs and crypto infrastructure equities, where Goldman’s reported exposure remains larger and more durable than its altcoin ETF book.

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