Goldman cuts crypto ETF exposure, exits XRP & SOL ETFs
Goldman Sachs reduced its crypto ETF exposure in its Q1 2026 US SEC Form 13F. The filing showed no holdings in XRP-linked ETFs and no exposure to Solana-linked ETFs, including prior positions in GSOL, BSOL and FSOL. This is a reversal from Q4 2025, when Goldman reported about $154 million in XRP-related ETFs and was the largest institutional holder as of Dec. 31, 2025.
Despite cutting crypto ETF exposure to XRP and SOL, Goldman kept sizable BTC and ETH allocations. It still held roughly $690M in BlackRock’s iShares Bitcoin Trust (IBIT) and about $25M in Fidelity’s Wise Origin Bitcoin Fund (FBTC), each down around 10% in the quarter. For Ethereum, it trimmed the iShares Ethereum Trust (ETHA) by about 70%, leaving around 7.2 million shares valued near $114M.
Beyond ETFs, Goldman rebalanced crypto equities—adding exposure to Circle (CRCL) and Galaxy Digital (GLXY) while trimming some mining and infrastructure names, including Bit Digital (BTBT) and Riot Platforms (RIOT).
Neutral
Goldman’s move removes a high-profile institutional bid specifically for XRP and SOL ETFs, which can act as a short-term caution signal for those tokens. However, the bank did not exit the broader crypto ETF complex: it continued to hold sizable BTC and ETH ETF positions (even if smaller), which can dampen systemic bearish sentiment across the market. Overall, this is more likely to shift relative positioning toward BTC/ETH rather than trigger a broad market sell-off tied to a single token.