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Goldman Sachs fully liquidated its XRP and Solana ETF positions in the first quarter of 2026 while maintaining nearly $700 million in Bitcoin ETFs and expanding stakes in Circle, Coinbase, and Galaxy Digital, a shift analysts say signals a move away from altcoin bets and toward crypto infrastructure plays.
The filing, covering the period ending March 31, also revealed that the bank reduced its Ethereum ETF exposure by nearly 70% while maintaining substantial Bitcoin ETF holdings worth close to $700 million.
The latest update marks a significant reversal in Goldman’s digital asset strategy after the bank emerged in late 2025 as one of the largest institutional investors in XRP-linked exchange-traded funds.
The move also reflects a broader institutional reshuffling within crypto investment markets as firms reassess exposure to altcoin-related products amid declining market performance.
The sharp decline in Goldman Sachs XRP holdings represents one of the most notable institutional crypto portfolio changes disclosed this quarter.
According to the bank’s 13F filing, Goldman fully liquidated positions tied to XRP ETFs that had previously totaled nearly $154 million. Earlier disclosures showed the bank held stakes across several spot XRP products issued by Bitwise, Franklin Templeton, Grayscale, and 21Shares.
“Goldman Sachs does not issue its own XRP ETF, but it is currently the largest disclosed institutional investor in spot XRP ETFs,” — Chad Steingraber, crypto analyst, in a post on X.
The filing showed that both XRP and Solana ETF holdings were reduced to zero. At the same time, the bank retained approximately $114 million in BlackRock’s iShares Ethereum Trust (ETHA), significantly lower than its exposure during the previous quarter.
Despite the reduction in altcoin-related positions, Goldman Sachs XRP holdings were not the only crypto assets affected. The bank also trimmed its Bitcoin ETF exposure, reducing holdings in BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) by roughly 10%.
The filing indicated that Goldman still held approximately $690 million in IBIT and around $25 million in FBTC as of March 31.
While Goldman Sachs XRP holdings were fully eliminated, the bank simultaneously increased exposure to companies operating within broader crypto infrastructure markets.
The filing revealed expanded positions in firms such as Circle, Galaxy Digital, and Coinbase. At the same time, Goldman reduced stakes in several mining and treasury-focused companies, including MicroStrategy, IREN, Bit Digital, and Riot Platforms.
Analysts believe the portfolio adjustment suggests Goldman may be moving away from direct token exposure and toward infrastructure-based crypto investments tied to stablecoins, exchange services, and institutional trading operations.
“The shift suggests Goldman is replacing direct token bets with infrastructure plays tied to stablecoin issuance, prime brokerage, and exchange flows,” — BeInCrypto report.
The reduction in Goldman Sachs XRP holdings comes during a period of broader market weakness for several altcoins. XRP and Solana have both declined by more than 40% year-on-year, according to the report.
Market observers say institutions may now be favoring Bitcoin exposure and operational crypto businesses over direct investments in altcoin-linked ETFs, particularly as volatility continues across the digital asset market.
The decline in Goldman Sachs XRP holdings also aligns with a broader institutional repositioning trend revealed in recent 13F disclosures.
Harvard University’s endowment reportedly reduced its IBIT position by roughly 43% to around $117 million while fully exiting an Ethereum ETF position valued at approximately $86.8 million.
Meanwhile, trading firm Jane Street significantly reduced its Bitcoin ETF exposure, cutting IBIT holdings by roughly 71% and FBTC exposure by around 60% before rotating capital into Ether ETFs.
Emory University also exited its IBIT position entirely and shifted into the Grayscale Bitcoin Mini Trust.
However, not all institutions reduced crypto ETF exposure during the quarter. Abu Dhabi’s Mubadala reportedly increased its IBIT holdings by approximately 16% to nearly $566 million, while Dartmouth’s endowment opened a smaller position in the Bitwise Solana Staking ETF.
“Brown University still holds over $8.1 million in Bitcoin via BlackRock’s ETF. They didn’t sell any of the 212,500 shares in Q1,” — Bitcoin Archive, in a post on X.
Analysts caution that quarterly 13F filings provide only a snapshot of institutional holdings at the end of each reporting period and may also reflect market-making activity or temporary inventory management rather than long-term directional bets.
Still, the scale of recent exits tied to Goldman Sachs XRP holdings and other altcoin ETF products indicates that major institutions are reassessing risk exposure amid continued uncertainty across the cryptocurrency market.
The next round of quarterly filings, expected in August, may provide further insight into whether institutional appetite for altcoin ETFs rebounds or whether the shift toward Bitcoin and crypto infrastructure investments accelerates further.
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