Goldman Sachs Cuts Solana and XRP ETF Exposure in Q1

• Goldman Sachs reported no XRP-linked ETF positions in its Q1 2026 Form 13F filing.
• The bank also exited Solana fund exposure and reduced parts of its Bitcoin and Ether ETF holdings during the quarter.

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Goldman Sachs cut back several crypto ETF positions in the first quarter of 2026. The latest Form 13F filing shows a smaller reported digital-asset book, with no XRP-linked ETF holdings listed and lower exposure across parts of its Bitcoin and Ether fund positions.

XRP positions disappear from the filing

The clearest change came in XRP. In the fourth quarter of 2025, Goldman Sachs had reported nearly 154 million dollars in XRP-related ETF exposure across products from Bitwise, Franklin Templeton, Grayscale and 21Shares. In the first-quarter filing, those positions no longer appeared.

That is a notable shift, but it needs careful reading. A 13F filing is a snapshot of certain U.S.-reportable securities positions at quarter-end. It does not show every derivative, offshore instrument, short-term trade, hedge, swap or client-related position a bank may carry. So the filing does not prove that Goldman has taken a broad negative view on XRP itself. It does show that the bank did not hold those XRP ETF positions in the reported book as of March 31.

Still, the optics matter. Goldman had previously been listed among the more visible institutional holders of spot XRP ETF exposure. When that name disappears, traders pay attention, even if the move was driven by balance-sheet management or a tactical rotation rather than a long-term call on the asset.

The timing is also interesting. Altcoin ETFs are becoming a more active part of institutional crypto positioning. These products can be used for directional exposure, liquidity management, arbitrage, market making, client facilitation or relative-value trades between different funds. In that context, a position can vanish from a filing without implying a simple “buy” or “sell” view. The institutional use case is often messier than retail narratives suggest.

Bitcoin and Ether exposure also reshaped

Goldman did not only step away from XRP-related funds. The bank also exited Solana ETF exposure and trimmed parts of its Bitcoin and Ether ETF book. That points less to a single-asset decision and more to a broader reset across crypto-linked funds during the quarter.

Bitcoin and Ether ETFs remain the most established products in the category, but even there, institutional positions can move quickly. Banks may reduce exposure after strong inflows, close basis trades, rebalance risk, free up capital or respond to changing client demand. A 13F filing shows where the portfolio stood at the end of the quarter, not the trading path that got it there.

This distinction matters because large banks do not always hold crypto ETFs like long-only funds do. A position may support market-making activity. It may hedge another exposure. It may be part of a spread trade between issuers or between spot ETFs and derivatives. Once that trade is no longer attractive, the position can be reduced or removed entirely.

For the market, the more useful question is whether this was tactical or structural. Goldman Sachs remains deeply involved in markets where crypto products are becoming more liquid, more regulated and easier to package for institutional investors. But in Q1, at least in its reported 13F book, the bank chose to carry less direct ETF exposure to XRP, Solana, Bitcoin and Ether than before.

That does not mean institutional crypto demand has vanished. It does suggest that large financial firms are treating crypto ETFs like active trading instruments, not just passive long-term bets. The next round of filings will show whether Goldman’s pullback was a quarter-end adjustment or part of a broader rotation away from altcoin-linked ETF exposure.

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