Goldman Sachs crypto ETF holdings drop XRP and Solana in Q1 2026 filing

Goldman Sachs crypto ETF holdings took a sharper turn in the first quarter of 2026 than many investors expected. The bank’s latest Form 13F no longer showed XRP-linked ETF positions, and Solana ETF holdings were also removed, marking a notable retreat from the altcoin exposure it had carried just one quarter earlier.

That shift stands out because Goldman ended Q4 2025 with nearly $154 million across XRP products from Bitwise, Franklin Templeton, Grayscale and 21Shares. Now, in its Q1 2026 filing, those XRP positions are gone from the reported portfolio. Solana exposure was removed too.

The change does not amount to a full crypto exit. Far from it. Goldman Sachs still reported positions in Bitcoin and Ether ETFs, although both were reduced during the quarter, while the bank increased exposure to several listed companies tied to digital assets.

Goldman Sachs exits XRP and Solana ETF holdings

The clearest signal in the filing is what disappeared.

Goldman Sachs no longer reported XRP-linked ETF holdings in its Q1 2026 Form 13F. The bank’s Q1 2026 filing removed XRP and Solana ETF holdings after it had previously built sizable altcoin exposure in late 2025.

That makes the new snapshot look less like a broad crypto retreat and more like a selective reset. The bank moved away from reported altcoin ETF positions while keeping exposure to the two biggest crypto assets through Bitcoin and Ether funds.

Why this matters: institutional investors often use 13F filings as a rough map of where large firms are placing capital. When a bank the size of Goldman reverses course on altcoin ETF exposure in a single quarter, it tends to draw attention well beyond the assets involved.

Bitcoin and Ether positions were trimmed, not abandoned

Even with the cuts, Bitcoin and Ether ETFs remained part of Goldman’s reported portfolio.

The bank held about $690 million in BlackRock’s iShares Bitcoin Trust and about $25 million in Fidelity’s Wise Origin Bitcoin Fund at the end of Q1. Those positions were reduced during the quarter, but they were still substantial enough to show that Bitcoin exposure remained intact.

Its Ether position also stayed on the books, though with a much steeper reduction. Goldman cut its BlackRock Ethereum Trust holding by about 70%, leaving roughly 7.2 million shares worth near $114 million.

That mix tells an important story about Goldman Sachs crypto ETF holdings. The bank appears to have narrowed its ETF footprint rather than walked away from the category. Bitcoin remained the largest reported crypto fund position, Ether stayed in the portfolio at a smaller size, and XRP and Solana no longer appeared in the filing.

The bank leaned more on crypto-linked stocks

At the same time it reduced parts of its ETF book, Goldman increased exposure to public companies connected to digital assets.

Those reported additions included:

• Circle
• Galaxy Digital
• Coinbase
• Robinhood
• PayPal

On the other side of the ledger, Goldman reduced stakes in BitMine, Bit Digital, Riot Platforms, Strategy and IREN.

This is where the filing gets more interesting than a simple crypto yes-or-no story. The reported portfolio suggests Goldman leaned more toward listed businesses tied to trading, payments and stablecoin-linked activity, while dialing back some mining and infrastructure names.

Why this matters: for a major bank, owning crypto-linked equities can offer exposure to industry growth without relying only on direct ETF allocations. It can also spread that exposure across business models such as exchanges, payments and financial infrastructure.

A more selective institutional crypto strategy

The broader pattern points to a more selective approach.

Goldman Sachs crypto ETF holdings now appear more concentrated in Bitcoin and, to a lesser degree, Ether, while the bank reported no XRP ETF holdings and no Solana ETF holdings in the quarter-end filing. That is a meaningful change from Q4 2025, when Goldman had nearly $154 million spread across XRP products and was seen as the largest known institutional holder across those funds.

The repositioning also came during a period when institutional demand for crypto ETFs looked uneven. While Goldman was cutting reported positions in some areas, Mubadala increased its BlackRock Bitcoin ETF exposure during the same quarter, lifting its IBIT position by 16% to $565.6 million and adding about 2 million shares.

That contrast underscores a bigger point: institutions are not moving as one block. Some are trimming, some are adding, and the differences depend on asset preference, vehicle selection and timing.

What the Form 13F filing does and does not show

A Form 13F filing is useful, but it is not a live portfolio feed.

The document shows reported positions at quarter-end, not necessarily current holdings. It also does not spell out Goldman’s investment thesis. In this case, the filing shows that XRP and Solana ETF holdings were removed from the reported portfolio in Q1 2026, while Bitcoin and Ether ETFs remained at reduced levels.

The SEC notice attached to the filing says it has “not necessarily reviewed” the submission. That means the filing should be read as a regulatory snapshot of reported holdings, not as a statement of approval or a detailed explanation of strategy.

Still, the direction is hard to miss. Goldman kept a foot in crypto through Bitcoin and Ether ETFs, shifted more weight toward crypto-linked public companies, and stepped back from the altcoin ETF exposure that had stood out only a quarter earlier. For investors watching Wall Street’s next move in digital assets, that selective posture may be the more revealing signal than the headline cuts themselves.