Goldman Sachs Reshuffles Cryptocurrency ETF Holdings, Dropping XRP and Solana Positions
Goldman Sachs exited all of its holdings in XRP and Solana (SOL) spot exchange-traded funds in the first quarter of 2026, according to a 13F filing with the U.S. Securities and Exchange Commission, while retaining its Bitcoin (BTC) exposure.
The move represents a consolidation of the bank’s cryptocurrency ETF book toward the largest and most liquid digital asset as Goldman pared altcoin positions built during the post-election risk rally of late 2024. Goldman Sachs is one of the largest U.S. investment banks, with roughly $3 trillion in assets under supervision as of early 2026.
What the 13F Filing Shows
A 13F is a quarterly disclosure that institutional investment managers with more than $100 million in qualifying assets must file with the SEC.
The filing lists long equity and ETF positions as of the end of each quarter but does not disclose short positions or derivatives exposure, meaning it offers a partial picture of a firm’s overall market stance. Goldman’s Q1 2026 13F showed the bank sold its full position in the iShares XRP Trust and in the available Solana spot ETF products that launched in the U.S. in late 2024, while maintaining a position in the iShares Bitcoin Trust.
The filing, reported by Digital Today in May 2026, does not include the dollar value of Goldman’s retained Bitcoin ETF position.
It also does not disclose whether the XRP and Solana sales reflected a bearish directional view or routine portfolio rebalancing by Goldman’s trading desk.
A cryptocurrency analyst using the handle Wendy O said on social media that Goldman had not permanently exited XRP or Solana as assets, adding that the holdings shown in 13F filings primarily reflect trading desk activity rather than proprietary investment theses. Goldman has not issued a public statement on the filing’s cryptocurrency-specific components.
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Background
Goldman Sachs first disclosed meaningful cryptocurrency ETF exposure in its 13F filings in mid-2024, following the SEC’s approval of spot Bitcoin ETFs in January of that year.
The bank built positions in multiple Bitcoin ETF products in 2024 and expanded into altcoin ETF products as XRP and Solana funds received regulatory approval later in the year.
Spot cryptocurrency ETFs, funds that hold actual digital assets rather than futures contracts, became the primary on-ramp for institutional cryptocurrency exposure in the U.S. after January 2024. The iShares Bitcoin Trust from BlackRock became the fastest-growing ETF in financial history by assets under management within its first year, drawing disclosures from dozens of major financial institutions in quarterly 13F filings.
Goldman’s appearance in those filings as a holder of multiple cryptocurrency ETFs was seen as a validation signal for institutional adoption of the asset class.
XRP and Solana spot ETFs launched later, in late 2024, after their respective issuers cleared a more complex regulatory path. Both saw strong initial inflows but faced more volatile performance through Q1 2026 as macroeconomic conditions weighed on risk assets.
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Interpreting the Reshuffle
The decision to retain Bitcoin while cutting XRP and Solana fits a broader pattern visible across institutional 13F disclosures in Q1 2026.
As equity markets softened and risk appetite contracted, institutional managers with multi-asset mandates have tended to reduce smaller, higher-beta cryptocurrency positions while keeping Bitcoin allocations as the category’s lowest-volatility option.
XRP faced its own specific headwinds in early 2026. An SEC legal dispute with Ripple, the company most associated with XRP’s development, had lingered for years and created compliance uncertainty for institutional holders even after a partial court ruling in Ripple’s favor.
Solana’s performance in Q1 2026 was pressured by a rotation out of high-velocity Layer-1 chains as memecoin activity on the Solana network declined from its late-2024 peak, reducing fee revenue and on-chain momentum metrics.
Goldman’s trading desk, as Wendy O said, operates differently from its asset management arm. 13F positions for a firm like Goldman often reflect client facilitation, hedging activity, or short-term arbitrage rather than long-term conviction. That caveat limits how much directional signal the filing carries.
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What to Watch
The next Goldman 13F, covering Q2 2026 positions, will be filed by mid-August and will show whether the bank rebuilt XRP and Solana ETF positions as market conditions shifted, or whether the Q1 cuts reflected a more durable repositioning.
Watch also for disclosures from other major banks in the same filing cycle. A pattern of XRP and Solana ETF reductions across multiple institutional holders would carry more weight than a single bank’s quarterly adjustment.
Bitcoin’s continued presence in Goldman’s filing, even as altcoin positions were trimmed, reinforces the asset’s status as the institutional on-ramp of choice when risk budgets tighten.
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