Goldman Sachs Exits XRP and Solana ETFs in Q1 Crypto Reset

Key Insights

• Goldman Sachs exits XRP and Solana ETFs in its Q1 filing.
• Bitcoin ETF exposure stayed much larger despite trims.
• The bank added selected crypto stocks while cutting miners.

Goldman Sachs exits XRP and Solana ETFs in a clear Q1 crypto reset, its latest Form 13F filing showed.

The filing, submitted on May 15 for holdings as of March 31, showed no reported XRP-linked or Solana-linked ETF positions. The shift followed a large fourth-quarter altcoin fund buildout.

Goldman still kept major Bitcoin ETF exposure, though it trimmed Bitcoin and Ether positions. The move points to a split between core crypto exposure and higher-beta altcoin products.

Goldman Sachs Exits XRP and Solana ETFs in Q1 filing

The Q1 filing of Goldman Sachs showed no XRP ETF holdings after the bank ended 2025 with nearly $154 million across XRP products. Those positions included funds tied to Bitwise, Franklin Templeton, Grayscale, and 21Shares.

The bank also removed Solana ETF exposure from its reported holdings. Earlier positions had included Grayscale Solana Trust ETF, Bitwise Solana Staking ETF, and Fidelity Solana Fund.

The change matters because XRP and Solana funds had recently joined the listed crypto products. Goldman Sachs exits XRP and Solana ETFs while altcoin funds still seek deeper institutional demand.

The exit does not prove a negative long-term view on either asset. Form 13F filings show quarter-end reported holdings, not current trades, hedges, or intent.

Still, the pattern marks a fast reversal. Goldman Sachs had become a visible institutional name in the early altcoin ETF trade. Its Q1 filing now shows fewer direct altcoin fund positions.

Bitcoin ETF Exposure Stays Larger Despite Trimmed Positions

Goldman did not leave crypto ETFs entirely. The bank still reported about $690 million in BlackRock’s iShares Bitcoin Trust and roughly $25 million in Fidelity’s Wise Origin Bitcoin Fund.

Both positions fell by about 10% from the prior quarter. That difference matters for market readers. Goldman Sachs exits XRP and Solana ETFs, yet keeps Bitcoin funds as the largest crypto ETF allocation in the filing.

Bitcoin remains the main institutional benchmark because of liquidity and product depth. Ethereum exposure saw a sharper reduction.

Goldman cut its position in the BlackRock iShares Ethereum Trust by about 70%, leaving around 7.2 million shares valued at nearly $114 million. That move came as Ether funds faced weaker flows.

The filing suggests Goldman reduced risk across several crypto ETF lines. However, the bank treated Bitcoin differently from altcoins and Ether. That split shows how large firms can stay active in crypto while narrowing the assets they hold.

Goldman Sachs Shifts Focus as Stocks Rise

The repositioning of Goldman Sachs also moved beyond crypto ETFs. The bank increased exposure to several public companies tied to digital assets.

These included Circle, Galaxy Digital, Coinbase, Robinhood, and PayPal. That rotation offers a different type of crypto exposure. Infrastructure and exchange-linked companies can benefit from trading activity, stablecoin use, and payments demand.

They do not rely only on one token’s price action. At the same time, Goldman reduced positions in several mining and infrastructure names.

The cuts included BitMine, Bit Digital, Riot Platforms, Strategy, and IREN. That mix points to lower reported exposure to mining-heavy names and leveraged Bitcoin treasury models.

Goldman Sachs exits XRP and Solana ETFs while adding selected crypto equities, which makes the Q1 filing more than a simple retreat.

It looks closer to a portfolio reset. The bank kept sector exposure, but shifted toward listed businesses with clearer revenue lines.

What Does the Q1 Crypto Reset Mean for Institutional ETF Flows?

The Goldman Sachs Q1 update may weigh on short-term sentiment around altcoin ETF demand. A full exit by one large bank can raise questions about fund depth, especially for newer XRP and Solana products.

Yet the wider institutional picture remains mixed. Other firms added Bitcoin ETF exposure during the same reporting cycle.

Abu Dhabi’s Mubadala also increased its position in BlackRock’s Bitcoin ETF in Q1, showing that large investors are not moving in one direction. The timing also matters.

A Form 13F is backward-looking because it shows holdings from the end of a quarter. Goldman Sachs may have changed positions after March 31. The filing also does not show short positions or the full reason behind each trade.

For investors tracking XRP, Solana, and Bitcoin ETF demand, the takeaway is rotation, not abandonment.

Goldman Sachs exits XRP and Solana ETFs in Q1, trims Ether, keeps Bitcoin exposure, and increases selected crypto equity stakes.

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