Goldman Sachs Reduces XRP, Solana ETF Holdings, Trims BTC Allocation

Goldman Sachs has scaled back its exposure to cryptocurrency exchange-traded funds (ETFs), exiting positions in XRP- and Solana-linked products in Q1 2026, according to its latest regulatory filing. The bank also trimmed its holdings in Bitcoin and Ether ETFs while shifting capital toward crypto-related equities.

The move marks a significant retreat from XRP and Solana ETFs, both of which launched in late 2025 as issuers expanded beyond Bitcoin and Ether products. Goldman’s Q4 2025 filing shows it held nearly $154 million in XRP ETFs from providers such as Bitwise, Franklin Templeton, Grayscale, and 21Shares. By March 31, 2026, however, the bank had eliminated these positions entirely, signaling a reassessment of its exposure to newer digital asset products.

Bitcoin and Ether ETFs Also Trimmed

Goldman reduced its Bitcoin ETF holdings by approximately 10%, maintaining $690 million in BlackRock’s iShares Bitcoin Trust (IBIT) and $25 million in Fidelity’s Wise Origin Bitcoin Fund (FBTC). Ethereum exposure saw a sharper pullback, with holdings in BlackRock’s iShares Ethereum Trust (ETHA) slashed by 70%, leaving $114 million worth of shares as of the end of Q1.

Despite these reductions, Goldman remains deeply invested in digital asset ETFs. Bitcoin and Ethereum ETFs continue to dominate institutional portfolios, driven by their relative maturity and liquidity compared to altcoin funds. As of May 18, 2026, Bitcoin trades at $76,761, down 2.11% over 24 hours, while Ethereum hovers around $2,118 amid a broader market pullback.

Shift Toward Crypto Equities

Goldman Sachs appears to be reallocating capital from ETFs into crypto-linked equities. Its Q1 filing highlights significant increases in holdings of Circle Internet Group (up 249%), Galaxy Digital (up 205%), and Coinbase Global. The bank also added to positions in Robinhood Markets and PayPal Holdings, signaling confidence in infrastructure and payment platforms within the digital asset ecosystem.

Meanwhile, Goldman reduced stakes in mining and infrastructure players like Riot Platforms and Bit Digital, aligning with broader trends of shifting away from capital-intensive sectors in the crypto industry toward more scalable, service-oriented businesses.

Institutional Strategy Amid Market Volatility

Goldman Sachs’ adjustments come as the crypto market experiences mid-May volatility, with Bitcoin’s market cap hovering around $1.61 trillion. The bank’s strategic pivot underscores the evolving preferences of institutional investors, who are increasingly favoring regulated, liquid instruments like ETFs and equities over direct token holdings. This approach also reflects a cautious stance amid macroeconomic uncertainty and potential regulatory developments in the U.S.

While Goldman’s pullback from XRP and Solana ETFs could suggest tempered enthusiasm for newer altcoin products, its continued investment in Bitcoin, Ethereum, and crypto equities signals a measured commitment to the digital asset sector. Investors will be closely watching Q2 filings to gauge whether this reallocation trend accelerates or stabilizes.

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