Goldman Sachs has made a decisive shift in its cryptocurrency holdings during the first quarter of 2026, completely exiting all XRP and Solana-related ETFs according to the bank's recent 13F filing with the US Securities and Exchange Commission. The bank held no position in any XRP ETF during this period, marking a complete departure from funds that had been key portfolio components in previous quarters. Similarly, Goldman Sachs divested from all Solana-related ETFs by March 2026, including the Grayscale Solana Trust ETF, Bitwise Solana Staking ETF, and Fidelity Solana Fund. This represents a significant change from late 2025 when XRP and Solana ETFs were relatively new to the market, with trading beginning in October 2025 for Solana ETFs and mid-November for spot XRP ETFs. The complete liquidation of Goldman's roughly $154 million stake in XRP ETFs, which had been spread across issuers including Bitwise, Franklin Templeton, Grayscale, and 21Shares at the end of 2025, removes a notable holder from the market. XRP ETFs had attracted over $1.5 billion in assets under management by early 2026, with Goldman representing around 73% of top institutional exposure at one point.
Despite exiting traditional ETF products, Goldman Sachs appears to be redeploying capital into other parts of the crypto market. The bank opened a new position in Hyperliquid Strategies (PURR), acquiring approximately 654,630 shares valued at $3.3 million according to the latest SEC filing. This strategic move represents Goldman's shift toward decentralized finance (DeFi) exposure, as Hyperliquid operates one of the largest decentralized exchanges (DEXs) in the market. At the time of reporting, Hyperliquid's native token HYPE was trading at around $45, having delivered impressive performance with gains of 10% in the last two weeks alone. This new positioning aligns with Goldman's broader strategy of diversifying beyond traditional ETF structures into more dynamic DeFi ecosystems, suggesting the bank is adapting its approach to capture emerging opportunities in the evolving crypto landscape.
Despite the complete withdrawal from XRP and Solana ETFs, Goldman Sachs maintained substantial positions in Bitcoin and Ethereum-based products. The bank reported nearly $690 million in BlackRock's iShares Bitcoin Trust ETF (IBIT) and $25 million in Fidelity's Wise Origin Bitcoin Fund (FBTC). While these figures reflect a roughly 10% reduction over the quarter, they underscore Bitcoin's ongoing top status in Goldman's crypto investment strategy. In contrast, the bank significantly cut back its stake in Ethereum-focused ETFs, with holdings in the iShares Ethereum Trust (ETHA) dropping by approximately 70%, leaving Goldman Sachs with 7.2 million shares valued at $114 million. This pivotal shift comes after Goldman Sachs reported a $154 million position in XRP ETFs at the end of 2025, making it the largest institutional holder of such funds at that time. The bank is also planning to launch a Bitcoin Premium Income ETF for its customers, further demonstrating its commitment to Bitcoin-related products. According to the latest 13F filing, Goldman Sachs retained a dominant $715 million Bitcoin ETF allocation, indicating a continued preference for Bitcoin over major altcoins in its ETF exposure.
Goldman Sachs took a divergent approach to cryptocurrency company shares, with notable increases in Circle Internet Group holdings surging by 249% and Galaxy Digital seeing a 205% rise. Positions also grew in Coinbase Global, Robinhood Markets, and PayPal Holdings over the same quarter. Conversely, the bank scaled back in major mining and infrastructure firms such as BitMine Immersion Technologies, Bit Digital, and Riot Platforms. Reductions were also seen in MicroStrategy and IREN shares, reflecting a broader rebalancing across its cryptocurrency-related holdings. These moves suggest a preference for companies with diversified revenue streams—custody, trading, and stablecoin operations—over direct altcoin ETF risk. The bank also trimmed holdings in several Bitcoin mining stocks, including Strategy, IREN, Bit Digital, and Riot Platforms, which could indicate profit-taking after strong runs in mining equities or concerns over energy costs and Bitcoin's price trajectory. As per the latest 13F filing, Goldman is engaging in a risk repricing exercise within crypto beta, scaling back exposure to XRP and Solana due to their higher volatility profiles and comparatively weaker institutional liquidity depth versus Bitcoin.
The institutional exit from XRP and Solana ETFs represents a significant shift in the cryptocurrency investment landscape, as institutional investors often monitor Goldman Sachs' portfolio moves as a bellwether for wider trends in digital asset adoption. Despite Goldman Sachs' complete withdrawal from XRP and Solana products, overall institutional demand for other digital asset ETFs largely persisted during this quarter, suggesting that institutional appetite remains selective rather than broadly bearish. The data points to a market in transition, with altcoin liquidity thinning and institutional appetite shifting to infrastructure plays closer to Bitcoin's base layer, while newer altcoins face increased scrutiny and reduced institutional support. Crypto markets reacted swiftly to the news on May 18, with XRP and Solana tokens seeing modest pressure, though broader sentiment remained mixed amid other positive developments like institutional inflows elsewhere. Bitcoin held relatively steady, reinforcing its resilience and status as the preferred digital asset among institutional investors. However, current market conditions present challenges, with more than 7.8 million Bitcoin currently held at a loss of nearly $76,700 according to Glassnode, creating a substantial supply overhang that could weigh on price movements. The institutional shift aligns with a broader "flight to quality" dynamic, where BTC continues to dominate as the only crypto asset with consistently recognized macro-store-of-value characteristics in institutional portfolios.
