MV Capital - Goldman Sachs Exits XRP and Solana ETF Positions in Q1 2026

Bank cuts Ethereum ETF holdings sharply while maintaining strong Bitcoin exposure and boosting stakes in crypto infrastructure companies

Goldman Sachs has fully liquidated its positions in XRP and Solana exchange-traded funds during the first quarter of 2026, according to its latest 13F filing with the SEC. The move marks a notable shift in the bank's publicly disclosed cryptocurrency ETF strategy, coming after it had built significant exposure to these newer altcoin products shortly following their launches.

Key Developments from Goldman Sachs' Q1 2026 13F FilingComplete exit from XRP ETF holdings, previously around $154 million across multiple issuers including Bitwise, Franklin, Grayscale, and 21Shares.
Full liquidation of Solana ETF positions, which stood at approximately $108 million.
Reduction of Ethereum ETF holdings by about 70%, now totaling roughly $114 million primarily in iShares products, plus additional staked Ethereum exposure.
Retention of substantial Bitcoin ETF allocation, valued at around $700 million, with only a modest trim.
Increased investments in crypto-related public companies such as Circle, Coinbase, and Galaxy Digital.

Details of the Portfolio Adjustments

The bank's 13F filing reveals a clean exit from both XRP and SOL ETFs, reducing those holdings to zero. This adjustment occurred despite the relatively recent launch of these products in late 2025, when Goldman Sachs had moved quickly to establish positions. At one point, the firm was among the largest disclosed institutional holders in spot XRP ETFs.

On the Ethereum side, the reduction was substantial. Goldman trimmed its ETH ETF exposure significantly, leaving holdings concentrated in iShares Ethereum Trust entries valued at approximately $114 million, $60 million, and smaller amounts, alongside a position in iShares Staked Ethereum Trust worth about $66.9 million.

Bitcoin remains the cornerstone of Goldman's ETF exposure. The firm continues to hold hundreds of millions in iShares Bitcoin Trust across various accounts, underscoring its preference for the leading cryptocurrency as a core allocation.

“This aligns with a broader flight to quality dynamic, where BTC continues to dominate as the only crypto asset with consistently recognized macro-store-of-value characteristics in institutional portfolios.”Market analysis from recent reporting

Strategic Shift Toward Crypto Infrastructure

While reducing direct token ETF exposure to certain altcoins, Goldman Sachs increased its positions in companies tied to cryptocurrency infrastructure and services. This includes additions to Circle (issuer of USDC),Coinbase (major exchange operator),and Galaxy Digital (crypto-focused financial services firm). The bank trimmed holdings in some mining-related companies such as Strategy, IREN, Bit Digital, and Riot.

This rotation suggests a move from volatile spot token exposure in newer ETFs toward equity investments that offer more traditional financial metrics, regulatory familiarity, and visibility into earnings and balance sheets.

Context for XRP and Solana ETF Performance

The exits took place against a mixed backdrop for these altcoin ETFs. XRP products experienced strong inflows shortly after launch but faced challenges amid falling crypto prices in early 2026, recording their first negative month in March. Performance improved in April and May, with cumulative net inflows reaching new highs above $1.39 billion.

Solana ETFs have maintained positive flows without a red month since inception, though inflows have moderated from peak levels. Cumulative inflows recently hit a new all-time high near $1.12 billion.

Goldman Sachs' Approach Reflects Broader Institutional TrendsPrioritization of Bitcoin as the primary crypto allocation due to its liquidity, market depth, and established role.
Selective exposure to Ethereum with potential emphasis on yield-generating structures.
Rotation into crypto equities for more predictable risk-return profiles.
Cautious stance on higher-volatility altcoin ETFs amid market uncertainty.

Implications for Institutional Crypto Strategy

Goldman Sachs' actions highlight a maturing phase in how large institutions engage with cryptocurrency markets. Bitcoin ETFs serve as the anchor, viewed as digital gold with the lowest relative risk profile among crypto assets. Meanwhile, altcoin ETF exposure appears more tactical and subject to regular reevaluation based on market conditions and liquidity.

Analysts note that this pattern fits with an 80/20 core-satellite approach: heavy weighting toward Bitcoin and selective, often yield-focused positions in Ethereum, supplemented by infrastructure equities. As more 13F filings emerge, the industry will gain clearer insight into whether other major players are following similar paths.

The bank's total crypto-related exposure remains significant, demonstrating continued institutional interest in the sector even as specific allocations adjust to changing conditions. Projections for overall crypto ETP assets suggest continued growth, supported by regulatory developments and increasing integration with traditional finance.

Asset	Q1 2026 Action	Approximate Value
Bitcoin ETFs	Retained (minor trim)	$700 million
Ethereum ETFs	Cut ~70%	$114 million+
XRP ETFs	Fully exited	$0 (from $154M)
Solana ETFs	Fully exited	$0 (from $108M)

This latest filing provides a snapshot of one major institution's positioning but does not necessarily predict future actions or represent the broader market. Institutional investors continue to navigate crypto opportunities with attention to risk management, regulatory factors, and macroeconomic influences.