Goldman Sachs dumped its entire XRP and Solana spot ETF positions in the first quarter of 2026, while cutting its Ethereum ETF stake by roughly 70% to about $114 million, according to newly filed 13F documents. The bank kept its Bitcoin ETF exposure near $700 million — largely in BlackRock’s iShares Bitcoin Trust — but trimmed both the IBIT and Fidelity stakes by close to 10%. Meanwhile, it added to positions in crypto-linked equities like Circle, Galaxy Digital, and Coinbase, and cut back on miners MicroStrategy, IREN, Bit Digital, and Riot Platforms.
Goldman exits XRP, Solana ETFs entirely
Earlier filings showed Goldman held nearly $154 million in XRP ETFs across Bitwise, Franklin Templeton, Grayscale, and 21Shares, plus a smaller Solana position in Bitwise’s staking fund and Grayscale’s Solana Trust. Both are now zeroed out. The shift suggests the bank sees more near-term upside in direct equity plays than in second-tier crypto funds — or at least that’s how its Q1 positioning reads.
Harvard unwinds Ethereum bet, cuts Bitcoin
Harvard University’s endowment cut its IBIT stake by about 43% to $117 million and fully closed an $86.8 million Ethereum ETF position it had added the prior quarter. That’s a clean exit from Ether exposure. Emory University also ditched its small IBIT position and swapped into the Grayscale Bitcoin Mini Trust. Brown University, by contrast, held steady — it kept its 212,500 IBIT shares worth over $8.1 million, refusing to sell any in Q1.
Jane Street swaps Bitcoin for Ether
Jane Street slashed its IBIT holdings by about 71% and its Fidelity Bitcoin Fund stake by roughly 60%, then rotated the proceeds into Ether ETFs. The trading firm didn’t disclose exact Ether fund sizes, but the directional pivot is clear: out of spot Bitcoin ETFs and into the Ethereum equivalents. Emory’s move into the GBTC Mini Trust is a different flavor — swapping one Bitcoin vehicle for a cheaper one.
Mubadala bucks the trend
Not everyone sold. Abu Dhabi’s Mubadala increased its IBIT holdings by about 16% to roughly $566 million, making it one of the largest sovereign holders of the fund. Dartmouth’s endowment opened a small position in the Bitwise Solana Staking ETF, a new name in the 13F filings. The contrast is sharp: Western endowments and banks trimmed or rotated, while Middle Eastern state capital doubled down.
A key caveat: 13F filings reflect end-of-quarter snapshots and can include market-making or client-driven inventory, not just directional bets. So a big cut at Jane Street might partly reflect client redemptions, not a bearish call. Still, the aggregate pattern — Goldman out of XRP and Solana, Harvard out of Ether, Mubadala piling into Bitcoin — is the clearest institutional signal we’ve seen this cycle. The next round of 13F filings due in August will show whether the trend held.
