Goldman Sachs Group Inc. fully liquidated its disclosed XRP and Solana ETF positions during the first quarter of 2026, marking a sharp retreat from regulated altcoin products after building meaningful exposure in late 2025. Its latest 13F showed XRP and Solana ETF holdings reduced to zero, while Bitcoin ETF exposure remained above $700 million.
The move reversed a strategy that had previously made Goldman one of the largest institutional holders of XRP-linked investment products, with late-2025 exposure valued near $154 million. The Q1 filing also showed a roughly 70% cut to Ethereum ETF holdings, leaving about $114 million concentrated mainly in BlackRock’s iShares Ethereum Trust.
Who are these buyers/holders? Well we only know a small portion of them because the vast majority don't file 13Fs. But here are the holders as of 12/31/2025 pic.twitter.com/ymIyy1mobx
— James Seyffart (@JSeyff) March 10, 2026
Altcoin ETF Exposure Moves to the Periphery
Goldman exited XRP products from Bitwise, Franklin, Grayscale and 21Shares. The total liquidation came even as XRP ETFs were still attracting inflows in May, highlighting a clear separation between broader product demand and Goldman’s disclosed allocation strategy.
Solana exposure was also removed entirely. Positions tied to Grayscale, Bitwise and Fidelity Solana products were liquidated, shifting the bank away from direct ETF-based exposure to SOL price action at a time when Solana products had been gaining market attention.
Bitcoin remained the anchor of Goldman’s disclosed crypto ETF sleeve. The bank kept roughly $690 million in BlackRock’s IBIT and about $25 million in Fidelity’s FBTC, with both positions trimmed by around 10% during the quarter.
That contrast is the core signal. Goldman did not abandon digital-asset exposure; it narrowed its disclosed ETF strategy toward Bitcoin while reducing or eliminating products linked to Ethereum, XRP and Solana.
Infrastructure Equities Gain Strategic Weight
The portfolio also shifted toward crypto-linked operating companies. Goldman increased exposure to Circle, Coinbase and Galaxy Digital, suggesting a preference for infrastructure, stablecoin and market-access equities over direct altcoin ETF exposure.
The bank also initiated a 654,630-share position in a Hyperliquid-linked strategy product, reinforcing the broader move toward high-performance on-chain infrastructure and derivatives-market exposure rather than passive altcoin vehicles.
The 13F format limits what investors can infer. It captures quarter-end long equity positions, but does not disclose derivatives, swaps, shorts or OTC activity, meaning Goldman’s full digital-asset risk book may differ from the visible ETF snapshot.
Still, the disclosed direction is clear. Goldman’s Q1 positioning points to Bitcoin as the preferred treasury-style crypto exposure, infrastructure equities as a selective growth channel, and legacy altcoin ETF products moving toward the edge of its reported balance sheet.
The exit may affect perceived institutional demand for XRP and Solana ETFs. If other large holders follow, secondary-market liquidity and supply elasticity in altcoin ETF products could weaken, even if retail and smaller institutional flows remain active.