Goldman Sachs Dumps Altcoin ETFs, Doubles Down on Bitcoin and Crypto Equities

Goldman Sachs has completely liquidated its holdings in XRP and Solana exchange-traded funds during the first quarter of 2026, according to its latest Form 13F filing with the U.S. Securities and Exchange Commission. The move marks a stark reversal for the banking giant, which just three months earlier was the largest institutional holder of XRP-linked ETFs, with nearly $154 million spread across products from Bitwise, Franklin Templeton, Grayscale, and 21Shares. The Q1 filing shows zero positions in any XRP or Solana ETF, including the Grayscale Solana Trust ETF, Bitwise Solana Staking ETF, and Fidelity Solana Fund.

While Goldman exited altcoin ETFs, it maintained and even increased exposure to Bitcoin and Ethereum in a more nuanced manner. The bank kept roughly $690 million in BlackRock's iShares Bitcoin Trust ETF and $25 million in the Fidelity Wise Origin Bitcoin Fund, though it trimmed both by about 10% during the quarter. More dramatically, Goldman slashed its iShares Ethereum Trust position by approximately 70%, leaving around 7.2 million shares valued at roughly $114 million. This suggests a strategic preference for Bitcoin over Ethereum among the top two cryptocurrencies.

On the equities front, Goldman aggressively added to several crypto-linked companies. Its stakes in Circle Internet Group and Galaxy Digital surged by 249% and 205%, respectively. The bank also increased positions in Coinbase Global, Robinhood Markets, and PayPal Holdings. In contrast, it reduced holdings in mining and infrastructure firms such as BitMine Immersion Technologies, Bit Digital, Riot Platforms, Strategy, and IREN. This pattern indicates a pivot from pure-play crypto asset exposure to companies building the financial infrastructure for digital assets.

Original commentary: The divergence in Goldman's approach—dumping altcoin ETFs while boosting crypto equities—reflects a maturing institutional thesis. Rather than betting on speculative altcoin price movements through ETFs, the bank appears to favor companies with diversified revenue streams and regulatory clarity. Circle, for instance, benefits from stablecoin adoption, while Galaxy Digital and Coinbase offer exposure to trading, custody, and broader crypto market activities. This shift also suggests that institutional investors may view altcoin ETFs as too nascent or volatile for long-term holdings, preferring to gain exposure through equity stakes in established players.

The timing is notable: XRP and Solana ETFs only launched in the second half of 2025, after issuers expanded beyond Bitcoin and Ethereum. Goldman's quick exit may signal a lack of conviction in the long-term demand for these products, or a tactical rebalancing after a strong rally. Either way, the bank's actions provide a window into how Wall Street's largest players are calibrating their crypto strategies amid regulatory uncertainty and market maturation.

Goldman's Q1 2026 13F filing paints a picture of a bank that is selectively bullish on crypto—favoring Bitcoin and infrastructure plays over altcoins. For retail investors, this could be a signal to reevaluate the risk-reward profile of altcoin ETFs relative to direct equity exposure in crypto-native companies.

Sources: CoinMarketCap Academy | CoinMarketCap Academy

Key Takeaways

1. Goldman Sachs fully exited XRP and Solana ETF positions in Q1 2026 after being the largest XRP ETF holder.
2. The bank retained significant Bitcoin ETF exposure while cutting Ethereum ETF holdings by 70%.
3. Goldman boosted stakes in Circle (249%), Galaxy Digital (205%), Coinbase, Robinhood, and PayPal.
4. It reduced holdings in mining and infrastructure firms like BitMine, Bit Digital, and Riot Platforms.
5. The shift suggests a preference for Bitcoin and crypto equities over altcoin ETFs.