Goldman Sachs drops XRP and Solana ETF holdings, cuts Ethereum exposure by about 70%

Goldman Sachs' latest quarterly 13F filing shows a sharp reshaping of its crypto-related ETF book: a decisive retreat from major altcoin products while keeping its Bitcoin allocation largely unchanged. In the first quarter of 2026, the bank fully exited positions tied to XRP and Solana ETFs. XRP-linked ETFs had previously represented roughly $154 million of Goldman' portfolio. The filing did not break out a separate dollar amount for the Solana ETF sale, but the move further reduced the bank's altcoin exposure. Goldman also cut its Ethereum ETF holdings by about 70%, leaving approximately $114 million. By contrast, its Bitcoin ETF exposure remained steady at around $700 million. The repositioning suggests Goldman is differentiating among digital assets based on institutional priorities such as liquidity and regulatory clarity. Ethereum's sizeable reduction, while not a full exit, points to a more cautious stance toward non-Bitcoin ETF demand. Outside of ETFs, the filing indicates a broader rotation across crypto-linked equities. Goldman increased stakes in Circle, Galaxy Digital and Coinbase—firms tied to stablecoins, trading infrastructure and institutional brokerage. It reduced exposure to Strategy (formerly MicroStrategy), IREN, Bit Digital and Riot Platforms, companies more directly levered to mining or high-beta Bitcoin plays. As with any 13F, the data is backward-looking: it reflects long U.S. equity positions as of the end of Q1 2026 and does not disclose shorts, derivatives or off-balance-sheet activity. The report also does not show what may have changed in April or May. Still, the scale of the XRP unwind is notable given its prior size, and the broader pattern may reinforce market caution toward non-Bitcoin ETF products at a time when U.S. crypto policy remains contested. The filing arrives alongside mixed institutional signals: on-chain real-world asset tokenization has surpassed $20 billion, while developer activity remains strong on networks including Ethereum and Solana. Goldman' moves underscore a key divide for issuers: getting an ETF listed is one step; sustaining institutional demand—especially outside Bitcoin—is another.