Key Takeaways
- • Goldman Sachs fully exited $154 million in XRP ETF holdings during Q1 2026, reversing a position established in Q4 2025 across Bitwise, Franklin Templeton, Grayscale, and 21Shares products.
- • The firm completely liquidated Solana ETF positions (including Grayscale Solana Trust, Bitwise Solana Staking ETF, and Fidelity Solana Fund) while reducing Ethereum ETF exposure by approximately 70%, leaving roughly $114 million in holdings primarily through the iShares Ethereum Trust.
- • Goldman maintains a dominant $700 million position in Bitcoin ETFs, signaling a strategic retrenchment from altcoin exposure toward the largest cryptocurrency by market capitalization.
- • XRP ETFs accumulated $1.39 billion in cumulative inflows as of mid-May 2026, with weekly inflows of $60.5 million during May 11-15—the strongest week of 2026—despite Goldman's exit, indicating institutional demand remains intact beyond Goldman's withdrawal.
- • XRP and Solana prices declined 6% and 12% respectively in the seven days preceding the disclosure, occurring alongside the public revelation of Goldman's reduced exposure.
Summary
Goldman Sachs has substantially retrenched its alternative cryptocurrency holdings in the first quarter of 2026, according to SEC 13F filings released in May. The investment bank completely exited both XRP and Solana ETF positions while cutting Ethereum exposure by approximately 70%, marking a sharp reversal from late 2025 when the firm had begun establishing positions across emerging altcoin products.
The firm's exit from XRP ETFs represents the most dramatic repositioning. Goldman held nearly $154 million across XRP-linked products from major issuers including Bitwise, Franklin Templeton, Grayscale, and 21Shares at the end of Q4 2025. This entire position was liquidated by the end of Q1 2026. Similarly, Goldman eliminated all holdings in Solana ETF products, including positions in the Grayscale Solana Trust ETF (GSOL), Bitwise Solana Staking ETF (BSOL), and Fidelity Solana Fund (FSOL). These Solana and XRP ETFs had only begun trading in late 2025 as issuers moved to expand product offerings beyond Bitcoin and Ethereum.
For Ethereum, Goldman reduced but did not eliminate its position. The firm cut its holdings in the iShares Ethereum Trust (ETHA) by approximately 70%, reducing its stake to roughly 7.2 million shares valued at approximately $114 million. This represents a significant scale-back from prior quarter levels but maintains some exposure to the second-largest cryptocurrency by market capitalization.
Notably, Goldman's strategic repositioning toward Bitcoin stands in sharp contrast to its altcoin reductions. The firm continues to hold approximately $700 million in Bitcoin ETF positions, indicating a preference for the most established cryptocurrency asset class. The timing of Goldman's exit is notable given that XRP ETFs recorded their strongest week of 2026 inflows during May 11-15, accumulating $60.5 million that week. Cumulative XRP ETF inflows have reached approximately $1.39 billion, though total net assets stand at $1.18 billion. Bitwise's XRP ETF led weekly inflows with $25.67 million, while Franklin Templeton's XRPZ added approximately $21 million during the same period. At press time, XRP traded at $1.38, down 6% over seven days, while Solana declined 12% to $84.46, suggesting broader market pressure on altcoin valuations coinciding with the disclosure of major institutional repositioning.
The firm's exit from XRP ETFs represents the most dramatic repositioning. Goldman held nearly $154 million across XRP-linked products from major issuers including Bitwise, Franklin Templeton, Grayscale, and 21Shares at the end of Q4 2025. This entire position was liquidated by the end of Q1 2026. Similarly, Goldman eliminated all holdings in Solana ETF products, including positions in the Grayscale Solana Trust ETF (GSOL), Bitwise Solana Staking ETF (BSOL), and Fidelity Solana Fund (FSOL). These Solana and XRP ETFs had only begun trading in late 2025 as issuers moved to expand product offerings beyond Bitcoin and Ethereum.
For Ethereum, Goldman reduced but did not eliminate its position. The firm cut its holdings in the iShares Ethereum Trust (ETHA) by approximately 70%, reducing its stake to roughly 7.2 million shares valued at approximately $114 million. This represents a significant scale-back from prior quarter levels but maintains some exposure to the second-largest cryptocurrency by market capitalization.
Notably, Goldman's strategic repositioning toward Bitcoin stands in sharp contrast to its altcoin reductions. The firm continues to hold approximately $700 million in Bitcoin ETF positions, indicating a preference for the most established cryptocurrency asset class. The timing of Goldman's exit is notable given that XRP ETFs recorded their strongest week of 2026 inflows during May 11-15, accumulating $60.5 million that week. Cumulative XRP ETF inflows have reached approximately $1.39 billion, though total net assets stand at $1.18 billion. Bitwise's XRP ETF led weekly inflows with $25.67 million, while Franklin Templeton's XRPZ added approximately $21 million during the same period. At press time, XRP traded at $1.38, down 6% over seven days, while Solana declined 12% to $84.46, suggesting broader market pressure on altcoin valuations coinciding with the disclosure of major institutional repositioning.
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