Goldman Sachs exited its XRP and Solana exchange-traded fund positions during the first quarter of 2026, even as it pushed its Bitcoin ETF holdings to $700 million. The firm also trimmed exposure to Ether funds while funneling more money into crypto-linked equities, according to the bank's latest quarterly filings.
Bitcoin gets the big bet
The $700 million mark in Bitcoin ETFs is a new high for Goldman. The bank has been steadily accumulating spot Bitcoin funds since they launched in early 2024, but the Q1 jump suggests a deliberate shift in conviction. Last quarter the firm held roughly $400 million in Bitcoin ETFs — the new figure represents a 75% increase.
Why the bullishness on Bitcoin alone? The filing doesn't explain the rationale, but the timing isn't lost on anyone. Bitcoin's dominance has hovered around 55% this year, and institutional flows have favored the largest cryptocurrency over its rivals. Goldman's move aligns with that pattern.
Ether and altcoins get the ax
The bank reduced its exposure to Ether funds in Q1 — a reversal from the previous quarter when it had added to those positions. It also fully exited XRP and Solana ETF holdings. Those two assets had been small allocations relative to Bitcoin and Ether, but the complete exit is notable.
XRP and Solana ETFs have faced uneven demand since their U.S. approvals last year. Neither fund has drawn the kind of steady inflows that Bitcoin and Ether ETFs have. Goldman's exit could reflect a broader institutional tempering of enthusiasm for altcoin ETFs — or just a portfolio rebalance. The filing doesn't say.
Equities over funds
While Goldman trimmed ETF positions in Ether, XRP, and Solana, it increased investments in crypto-linked equities. The bank added to stakes in companies like Coinbase and MicroStrategy, as well as mining firms. That suggests a preference for operational exposure over direct token holdings — a strategy that offers equity-like returns with less of the regulatory headache that comes with holding certain digital assets.
The shift also makes sense from a liquidity perspective. Crypto equities trade on traditional exchanges and settle through standard clearinghouses. ETF positions in smaller altcoins can be harder to move in size. Goldman's choice to swap those for equity bets is a pragmatic one.
The Q1 moves set the stage for Q2. Goldman now holds a concentrated bet on Bitcoin via ETFs, supported by a basket of crypto equities. Whether it re-enters XRP or Solana later this year will depend on regulatory clarity and market conditions. The bank's filings for the current quarter are due in August — that will show if the altcoin exit was a one-time trim or a longer-term pivot.
