Goldman Sachs has completely exited its $154 million position in XRP-linked ETFs and eliminated all Solana ETF holdings in Q1 2026, according to a Form 13F filing reviewed by institutional investors. The move marks a sharp reversal from late 2025, when the bank held the largest institutional stake in newly launched spot XRP ETFs. Simultaneously, Goldman reduced Bitcoin ETF exposure by roughly 10% while slashing Ether holdings by 70%, signaling a strategic pullback from altcoin products even as it deepened bets on crypto equities.
Why Goldman Exited Altcoin ETFs
Goldman Sachs held $154 million in XRP-related ETFs as of Q4 2025, making it the largest institutional holder of spot XRP products following their mid-November 2025 launch. Solana ETFs began trading in late October 2025, with additional products rolling out in November. Both asset classes represented Goldman’s only significant allocations to newly approved altcoin ETF products. The complete exit in Q1 2026 suggests the bank reassessed risk exposure to tokens outside Bitcoin and Ether, particularly given regulatory uncertainty surrounding XRP’s classification and Solana’s concentration risk. No official statement from Goldman Sachs explaining the rationale has been disclosed.
Bitcoin Trim, Ether Collapse in Holdings
Goldman maintained $700 million in total Bitcoin ETF exposure after reducing holdings by approximately 10%. The bank cut its iShares Bitcoin Trust (IBIT) stake from BlackRock to $690 million and trimmed its Fidelity Wise Origin Bitcoin Fund (FBTC) position to $25 million. The Ether pullback was far more aggressive: Goldman reduced its Ether ETF (ETHA) position by roughly 70%, leaving 7.2 million shares valued at approximately $114 million. This asymmetric reduction suggests the bank views Ethereum as a higher-risk asset class relative to Bitcoin in the current institutional environment.
Crypto Equities Over ETF Exposure
While trimming altcoin and Ether ETFs, Goldman dramatically increased positions in crypto-native companies. Circle Internet Group (CRCL) holdings surged 249%, and Galaxy Digital (GLXY) jumped 205%. The bank also maintained substantial stakes in Coinbase Global (COIN), Robinhood, and PayPal. This reallocation suggests Goldman views equity exposure to established crypto infrastructure and payment networks as preferable to direct token exposure through ETFs. The shift mirrors institutional preference for equity-based crypto exposure over commodity-like token holdings.
What’s Next for Altcoin ETF Adoption
Goldman’s exit comes as institutional adoption of XRP and Solana ETFs remains in early stages. The bank’s departure as the largest XRP ETF holder removes a significant institutional anchor, potentially affecting trading volumes and fund flows. Other major institutions have not yet disclosed Q1 2026 positions. JPMorgan and other institutional players have not commented on similar moves. The filing raises questions about whether other large asset managers will follow Goldman’s lead in rotating away from altcoin ETF exposure.
