Goldman Sachs Exits XRP and SOL ETFs, Keeps Bitcoin Exposure
Goldman Sachs exited its XRP and Solana ETF positions in the first quarter of 2026, according to its latest regulatory filing, while keeping a large Bitcoin ETF stake in place. The move matters because it shows the bank trimming newer altcoin-linked products even as it maintained broad crypto exposure through BTC and, to a lesser extent, ETH.
## Key Metrics
- Goldman Sachs reported $0 in XRP-linked ETF holdings in Q1 2026, after about $154 million in such products in Q4 2025, indicating a full exit from the category. [2]
- The bank also fully liquidated Solana ETF exposure, including positions tied to Grayscale, Bitwise and Fidelity funds, removing another newly launched crypto allocation. [1][2]
- Bitcoin ETF holdings remained substantial, with about $690 million in BlackRock’s IBIT and roughly $25 million in Fidelity’s FBTC, suggesting continued interest in core crypto exposure. [1]
- Ether exposure fell sharply, with Goldman’s stake in BlackRock’s ETHA down about 70% to roughly $114 million, pointing to a broader portfolio cutback. [1][3]
- Goldman increased stakes in crypto-linked equities such as Circle, Galaxy Digital, Coinbase, Robinhood and PayPal, showing a shift toward listed crypto-adjacent names. [1][3]
## Goldman Sachs cuts XRP and SOL ETF exposure
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Goldman Sachs’ Q1 2026 13F filing shows the bank exited XRP and Solana ETF exposure after building a position that had reached about $154 million in the prior quarter. The bank’s XRP-related holdings moved from one of the larger institutional disclosures in late 2025 to zero in the latest filing. [1][2]
The change is notable because XRP and Solana ETF products were still relatively new at that point, having launched only in late 2025. Analysts note that early positioning in newly listed funds often reflects a willingness to test demand, liquidity and market depth before larger commitments are made. In this case, Goldman’s filing suggests that appetite for those products did not hold, at least inside its portfolio. [2]
## Bitcoin ETF exposure remains intact
Goldman did not retreat from crypto altogether. Its Bitcoin ETF exposure remained large, with around $690 million in BlackRock’s IBIT and roughly $25 million in Fidelity’s FBTC. Even after a decline of about 10% from the prior quarter, the position remains the clearest sign that the bank continues to favor Bitcoin as its core listed crypto allocation. [1]
That contrast matters for market structure. Market participants view Bitcoin as the most established institutional crypto asset, supported by deeper liquidity and broader acceptance among allocators. Goldman’s decision to keep that exposure while exiting XRP and Solana ETFs suggests a preference for the most liquid and widely held products rather than newer altcoin wrappers. Interpretation based on available data. [2][3]
## Ether cut, crypto equities rise
Goldman’s ETH ETF exposure also fell sharply, with its stake in BlackRock’s ETHA down about 70% to roughly $114 million. That reduction, alongside the XRP and Solana exits, points to a cautious stance toward parts of the crypto ETF market beyond Bitcoin. [1][3]
At the same time, the bank increased holdings in several crypto-related equities, including Circle, Galaxy Digital, Coinbase, Robinhood and PayPal. That shift suggests some investors may still prefer equity exposure to the sector rather than direct token-linked funds, especially when product history and trading liquidity are still developing. [1][3]
### Comparison of Goldman’s reported crypto ETF exposure
| Asset class | Q4 2025 / prior level | Q1 2026 level | Change |
|---|---|---|---|
| XRP-linked ETFs | About $154 million | $0 | Full exit [1][2] |
| Solana-linked ETFs | Held positions | $0 | Full exit [1][2] |
| Bitcoin ETFs | About $715 million-$720 million | About $690 million plus $25 million in FBTC | Roughly 10% lower [1][2] |
| Ether ETFs | Larger prior stake | About $114 million | About 70% lower [1][3] |
### Goldman’s reported shift in crypto-related holdings
| Holding category | Direction in Q1 2026 | Market implication |
|---|---|---|
| XRP ETF | Exited | Weakens near-term signal for institutional demand in the product [1][2] |
| Solana ETF | Exited | Shows limited retention of newer altcoin ETF exposure [1][2] |
| Bitcoin ETF | Kept, but trimmed | Confirms BTC remains the anchor institutional crypto trade [1][2] |
| Ether ETF | Cut sharply | Signals selectivity beyond Bitcoin [1][3] |
| Crypto equities | Increased | Suggests interest in sector beta through listed names [1][3] |
## Why it matters now
The filing lands at a time when the market is still gauging whether altcoin ETFs can attract durable institutional demand. Goldman’s exit does not prove the products lack a future, but it does remove an important early signal from one of Wall Street’s largest names. That can matter for investor behavior, especially when institutions look for evidence that a new product has staying power. [1][2]
There is also a clear risk for newer ETF issuers. If early institutional holders rotate out before products establish consistent assets under management, flows can remain uneven and secondary-market liquidity may stay thin. That uncertainty is especially relevant for XRP and Solana products, which have less of a track record than Bitcoin ETFs. Interpretation based on available data. [2][3]
The downside case is straightforward. If broader institutional demand fails to materialize, altcoin ETFs could remain niche allocations rather than mainstream portfolio staples. The counterpoint is that Goldman’s filing reflects one investor’s portfolio choice, not a market-wide verdict, and other institutions may still use these products differently.
The main takeaway is that Goldman Sachs appears to be concentrating its listed crypto exposure around Bitcoin while cutting back on newer altcoin ETF wrappers. That leaves Bitcoin as the cleanest institutional benchmark in the group, while XRP and Solana ETFs still need to prove they can hold capital once the first wave of interest fades.
1. https://www.binance.com/en/square/post/324430977465553
2. https://www.kucoin.com/news/flash/goldman-sachs-exits-xrp-and-solana-etfs-maintains-bitcoin-exposure
3. https://bingx.com/en/flash-news/post/goldman-sachs-reports-xrp-and-solana-etf-holdings-in-q-cuts-ether-etf-stake-about-qoq
