Goldman Sachs liquidated its entire XRP ETF position in the first quarter of 2026, dumping roughly $154 million worth of shares. The move was part of a broader crypto portfolio reset that also saw the bank close out its Solana ETF exposure and slash Ethereum ETF holdings by about 70%. Even with such a big seller exiting, spot XRP ETFs still recorded $60.5 million in net inflows the week the news broke — meaning other buyers absorbed the sell-off and then some.
The scale of the unwind
Goldman's XRP stake had been the biggest institutional position in the space. As of Q4 2025, the bank held roughly 73% of all known institutional XRP ETF investments. That made the Q1 exit a glaring signal. But XRP wasn't alone: the bank also closed its Solana ETF position entirely and cut its Ethereum ETF holdings by about 70%. Bitcoin ETF exposure was trimmed too, though it's still sitting near $700 million.
Market absorbed the sell-off
Despite Goldman's exit, demand for XRP ETFs actually grew. Cumulative inflows into the products hit roughly $1.39 billion. In the week the liquidation became public, total buying demand exceeded $214 million — more than enough to absorb Goldman's sale and still come out net positive. XRP commentator X Finance Bull called the market's absorption “a positive signal,” noting that the sell pressure didn't spook other investors.
What it says about institutional positioning
The reset isn't just about XRP. Goldman trimmed across the board, suggesting a strategic rebalancing rather than a single-asset call. But the complete exit from XRP — after holding such a dominant share — stands out. It raises questions about whether other big institutional holders will follow suit, or if this was a one-off portfolio adjustment. Goldman's next quarterly filing, due in August, will show whether the bank has re-entered any crypto ETF positions or shifted strategy further.
