US investment bank Goldman Sachs sharply reduced its exposure to cryptocurrency exchange-traded funds (ETFs) in the first quarter of 2026.
No $XRP-linked ETFs appeared in Goldman Sachs’ Q1 Form 13F filing with the US Securities and Exchange Commission.
In its Q42025 13F filing, Goldman Sachs reported holding nearly $154 million worth of $XRP-related ETFs from Bitwise, Franklin Templeton, Grayscale and 21Shares.
Goldman Sachs was the largest institutional holder of $XRP-related ETFs as of Dec. 31, 2025. Source: James Seyffart
Quarterly 13F filings are closely watched by crypto investors because they provide a rare look into how major institutional asset managers are allocating capital across digital-asset investment products. The bank pulled back from $XRP products, even as broader institutional interest in digital-asset ETFs remains intact.
Early pullback from new crypto ETFs
Goldman Sachs no longer reported any holdings in Solana-linked ETFs either.
The bank previously disclosed positions in Solana-linked ETFs, including the Grayscale Solana Trust ETF (GSOL), the Bitwise Solana Staking ETF (BSOL) and the Fidelity Solana Fund (FSOL).
Both $XRP– and Solana-linked ETFs launched in late 2025, when issuers began rolling out a new wave of crypto funds beyond Bitcoin (BTC) and Ether ($ETH).
Solana ETFs began trading in late October 2025, with additional funds rolling out in November. The first spot $XRP ETFs hit the market in mid-November as issuers raced to bring new altcoin products to investors.
Goldman Sachs trims Bitcoin ETF exposure, but still holds more than $700 million
While no longer reporting ETF exposure to $XRP and Solana, Goldman Sachs continued to hold significant positions in Bitcoin and Ether ETFs, along with equity tied to crypto companies.
The bank held about $690 million in BlackRock’s iShares Bitcoin Trust ETF (IBIT) and another $25 million in the Fidelity Wise Origin Bitcoin Fund (FBTC), even after reducing both positions by roughly 10% during the quarter.
Goldman Sachs also cut its position in the iShares Ethereum Trust (ETHA) by about 70%, leaving it with roughly 7.2 million shares valued at around $114 million.
In crypto equities, Goldman Sachs increased its exposure to several names, led by a 249% jump in Circle Internet Group (CRCL) and a 205% rise in Galaxy Digital (GLXY), while also adding to positions in Coinbase Global (COIN), Robinhood Markets (HOOD) and PayPal Holdings (PYPL) during the quarter.
At the same time, it reduced stakes in major mining and infrastructure names, including BitMine Immersion Technologies (BMNR), Bit Digital (BTBT) and Riot Platforms (RIOT). It reduced positions in Strategy (MSTR) and IREN (IREN).
