Goldman Sachs has dumped its holdings in XRP and Solana exchange-traded funds, while jacking up its stake in Bitcoin call options. The shift, disclosed this week, reinforces a broader institutional turn toward the oldest and most liquid crypto asset—and away from altcoins that regulators still eye warily.
ETF exits and a Bitcoin bet
The bank's latest 13F filing shows it sold off its entire positions in the XRP and Solana ETFs that it had previously held. At the same time, Goldman raised its exposure to Bitcoin call options, a derivative that lets it bet on price gains with limited downside. The moves come as institutional allocators increasingly treat Bitcoin as a macro hedge rather than a speculative trade.
What it says about institutional sentiment
Goldman isn't alone. Several large asset managers have trimmed or exited smaller crypto ETFs this quarter, citing regulatory uncertainty and thinner liquidity. The XRP and Solana products, launched last year, saw modest inflows compared to Bitcoin funds. For Goldman, the decision likely reflects a risk-management call: focus on the asset with the deepest options market and the clearest legal standing in the US.
The timing
This isn't a blanket retreat from crypto. The raised Bitcoin call exposure shows Goldman still sees upside in the space—just not across the board. The bank has been building its crypto derivatives desk for over a year, and this filing suggests it's doubling down on that infrastructure rather than pulling back.
The next quarterly filings from other major banks will show whether Goldman's play is an outlier or the start of a pattern. For now, the message is clear: in the institutional playbook, Bitcoin still holds the top spot.
