Goldman Sachs liquidated its XRP and Solana ETF positions in Q1, shifting bets to crypto stocks like Circle, Galaxy, and Coinbase

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Goldman Sachs' Q1 2026 13F filing reveals that this investment bank, which once held over $154 million in XRP-related ETFs and was briefly the world's largest institutional holder, has completely zeroed out its XRP and Solana ETF positions in Q1, while pivoting its bets toward crypto stocks like Circle and Galaxy Digital. (Background: Goldman Sachs follows up with application for Bitcoin yield-type ETF, Call strategy "sacrificing upside for premium," Wall Street's crypto race intensifies) (Context: Altcoin ETF craze status: A look at crypto ETF applications from 2025 to present) According to Form 13F filings, this figure has been zeroed out. Goldman Sachs once firmly held the throne as the world's largest XRP-related ETF institutional holder at the end of 2025 with nearly $154 million in holdings. However, according to the filing submitted to the U.S. Securities and Exchange Commission (SEC) in Q1 of this year for the previous quarter (Q4 2025), Goldman Sachs still disclosed holdings in XRP-related ETFs issued by Bitwise, Franklin Templeton, Grayscale, and 21Shares, with a combined market value of approximately $154 million; Bloomberg ETF analyst James Seyffart pointed out on X that as of December 31, 2025, Goldman Sachs was the world's largest institutional holder of XRP-related ETFs. Solana-linked ETFs were likewise entirely liquidated. The three positions Goldman Sachs previously held — Grayscale Solana Trust ETF (GSOL), Bitwise Solana Staking ETF (BSOL), and Fidelity Solana Fund (FSOL) — all disappeared from the Q1 filing. The XRP and Solana spot ETFs had only just launched in November and late October 2025, respectively, and Goldman Sachs chose to exit before holding them for even a full quarter. Bitcoin, Ethereum: Reduced positions but not exited Goldman Sachs' attitude toward Bitcoin and Ethereum ETFs is notably different: position reduction, but remaining in place. The Q1 filing shows that Goldman Sachs holds $690 million in BlackRock iShares Bitcoin Trust ETF (IBIT) and approximately $25 million in Fidelity Wise Origin Bitcoin Fund (FBTC). Although both were cut by about 10% from the previous quarter, they remain heavy positions. The reduction in Ethereum ETFs was much larger: the iShares Ethereum Trust (ETHA) position was slashed by about 70%, leaving approximately 7.2 million shares with a market value of around $114 million. Quarterly 13F filings serve as a rare window for the crypto market to observe institutional movements, as they directly reveal how large asset management firms allocate capital in digital asset investment products. Pivoting to stocks: Circle surges 249%, Galaxy doubles Compared to the ETF reductions, Goldman Sachs' moves in crypto stocks better illustrate this investment bank's true direction of bets. During Q1, Goldman Sachs' holdings in stablecoin infrastructure company Circle (CRCL) surged 249%, Galaxy Digital (GLXY) increased by 205%, while it also added to positions in Coinbase Global (COIN), Robinhood Markets (HOOD), and PayPal Holdings (PYPL). On the other hand, Goldman Sachs reduced its holdings in mining and infrastructure stocks, including BitMine (BMNR), Bit Digital (BTBT), and Riot Platforms (RIOT), as well as Strategy (MSTR) and IREN (IREN).

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