- Goldman Sachs exited XRP and Solana ETFs in Q1 2026, cut Ethereum ETFs by 70%, but still holds $700M in BTC ETFs.
- The bank is shifting toward crypto-related stocks like Circle and Coinbase amid ongoing market caution.
- This signals a cautious institutional stance on altcoin ETFs and a continued focus on BTC and crypto stocks.
Goldman Sachs fully exited XRP and Solana ETF positions worth about $154 million in Q1 2026 and cut its Ethereum (ETH) ETF holdings by around 70% to $114 million, according to its latest 13F filing. The firm retained a large Bitcoin (BTC) ETF position valued at roughly $700 million, indicating a continued preference for Bitcoin over major altcoins in its ETF exposure.
Goldman Sachs Fully Exits XRP and Solana ETFs, Cuts ETH ETFs by 70%
According to Goldman Sachs’ latest Q1 2026 SEC 13F filing, the bank fully liquidated its XRP and Solana ETF positions during the quarter. The bank previously held approximately $154M in XRP ETFs across issuers, including Bitwise, Grayscale, Franklin Templeton, and 21Shares, and around $108M in Solana ETFs, with both exposures now reduced to zero.
At the same time, the bank also reduced its Ethereum ETF exposure by approximately 70% to around $114 million, primarily in iShares Ethereum ETF (ETHA), and maintained a dominant $700 million Bitcoin ETF allocation down modestly by 10%.
Why Goldman Sachs Is Reducing Altcoin ETF Holdings
Notably, the bank is engaging in a risk repricing exercise within crypto beta, scaling back exposure to XRP and Solana due to their higher volatility profiles and comparatively weaker institutional liquidity depth versus BTC.
This aligns with a broader “flight to quality” dynamic, where BTC continues to dominate as the only crypto asset with consistently recognized macro-store-of-value characteristics in institutional portfolios.
Furthermore, there is a structural rotation from token-based exposure to equity-layer exposure. Instead of holding volatile spot-linked ETF structures on altcoins, Goldman is reallocating capital toward crypto-adjacent public equities such as Coinbase, Circle, and Robinhood, which provide regulated earnings visibility, balance sheet transparency, and clearer integration into traditional valuation frameworks.
What’s Next for Institutional Crypto ETF Strategy?
Goldman Sachs’ Q1 2026 filing reflects a maturing institutional playbook where BTC ETFs serve as the undisputed core anchor. BTC remains “digital gold” with the lowest risk profile. Projections show BlackRock’s IBIT and peers reaching $180–220B AUM by end-2026, potentially absorbing over 100% of new BTC supply. Recent filings show that Mubadala (Abu Dhabi) increased its IBIT stake significantly, and Morgan Stanley disclosed over $1.2B BTC ETF position.
Meanwhile, ETH exposure is shifting toward selective, yield-oriented positioning rather than broad accumulation. The next phase favors staking-enabled or income-generating ETH ETF structures, as institutions prioritize predictable returns and lower volatility overlays. ETH remains relevant, but increasingly as a structured yield component rather than pure directional beta.
Therefore, Global crypto ETP assets are forecasted to surpass $400B, driven by regulatory tailwinds like the CLARITY Act. The era of chasing every new altcoin ETF is ending in favor of disciplined 80/20 core-satellite strategies focused on liquidity, yield, and infrastructure. As more Q2 13Fs drop in August, the picture will sharpen further.
Related: Goldman Sachs Reports $2.36B Crypto Exposure in Latest SEC Filing
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