Goldman Sachs XRP ETF Exit Q1 2026: Solana Also Gone

The Goldman Sachs XRP ETF exit Q1 2026 is now on the record. The bank’s quarterly Form 13F filing with the US Securities and Exchange Commission showed no XRP-linked ETF holdings for the period ending March 31, compared to a position worth nearly $154 million at the close of Q4 2025. Solana ETFs were also wiped from the ledger entirely. What remained was a much more concentrated crypto book: heavy Bitcoin ETF exposure, a sharply reduced Ether position, and a selective push deeper into crypto equities.

Goldman Sachs XRP ETF Exit Q1 2026: What Did the 13F Show?

Quarterly Form 13F disclosures are one of the few windows into how major US banks allocate capital. Filed with the SEC within 45 days of quarter-end, they require institutional managers with over $100 million in US equity holdings to disclose all positions. Goldman Sachs has been a closely watched filer in crypto circles since 2024.

The Goldman Sachs XRP ETF exit Q1 2026 shows a clean break. In the prior filing covering Q4 2025, Goldman reported close to $154 million spread across XRP-linked products from Bitwise, Franklin Templeton, Grayscale, and 21Shares. That made it the single largest institutional holder of XRP-related ETFs as of December 31, 2025. By the time the Q1 2026 filing landed, that entire position was gone.

James Seyffart, a Bloomberg ETF analyst, flagged the move and noted how unusual the full exit looked against the backdrop of still-growing broader institutional interest in digital-asset funds. A partial trim would have been unremarkable. Walking away entirely is a different statement.

Goldman Sachs Also Dropped All Solana ETF Holdings

XRP was not the only exit. The bank’s Goldman Sachs Solana ETF holdings Q1 2026 disclosure was equally empty. Goldman had previously reported positions in three Solana-linked funds: the Grayscale Solana Trust ETF (GSOL), the Bitwise Solana Staking ETF (BSOL), and the Fidelity Solana Fund (FSOL). All three showed zero shares in the Q1 report.

Both XRP and Solana ETFs are relatively young products. Solana funds began trading in late October 2025, with more launching in November. The first spot XRP ETF hit the market in mid-November 2025 as issuers moved quickly to bring altcoin exposure to institutional investors following the wave of Bitcoin and Ether ETF approvals earlier that year.

Goldman’s retreat from these two categories after holding them for just a single quarter raises a genuine question: was this a routine rebalancing, a view on altcoin risk, or a signal that the bank’s crypto ETF appetite is narrower than the Q4 2025 filing suggested? The 13F does not explain rationale, only positions. So the honest answer is nobody outside the firm knows.

Bitcoin and Ether ETF Positions Held, Though Both Were Trimmed

Goldman did not exit crypto ETFs entirely. Far from it. The bank held approximately $690 million in BlackRock’s Goldman Sachs IBIT 690 million BlackRock Bitcoin ETF, the iShares Bitcoin Trust ETF, as of March 31, 2026, even after reducing that position by roughly 10% during the quarter. A separate stake of around $25 million in the Fidelity Wise Origin Bitcoin Fund (FBTC) also survived the cut, likewise trimmed by about 10%.

The Ether picture was messier. Goldman cut its iShares Ethereum Trust (ETHA) position by approximately 70%, leaving it with roughly 7.2 million shares valued at around $114 million. A 70% reduction is not a trim, it is a significant pullback. Whether that reflects a specific view on ETH, a broader de-risking decision, or client-driven redemptions is unclear from the filing alone.

Taken alongside the XRP and Solana exits, the pattern looks like a consolidation: the bank moved from four crypto ETF categories down to two, keeping the largest and most liquid products, Bitcoin and Ether, while cutting the newer, lower-liquidity altcoin funds.

Crypto Equity Bets Moved the Other Way

While ETF exposure shrank, Goldman’s crypto equity book grew, and the moves were not small. The bank raised its position in Circle Internet Group (CRCL) by 249% during Q1 2026. Galaxy Digital (GLXY) saw a 205% increase. Goldman also added to positions in Coinbase Global (COIN), Robinhood Markets (HOOD), and PayPal Holdings (PYPL). These are equity bets on crypto infrastructure and distribution, not direct token exposure.

On the flip side, Goldman reduced stakes in several mining and infrastructure names:

The selective nature of the equity moves is worth noting. Circle and Galaxy are bets on the stablecoin and institutional crypto trading infrastructure story respectively, two of the clearest institutional plays in the current cycle. Mining names like Riot and Bit Digital carry a different risk profile, tied more directly to Bitcoin price and hash rate economics. Goldman’s rotation away from miners and toward infrastructure companies is a recognizable pattern from traditional market playbooks applied to crypto.

• BitMine Immersion Technologies (BMNR), stake reduced
• Bit Digital (BTBT), stake reduced
• Riot Platforms (RIOT), stake reduced
• Strategy (MSTR), position trimmed
• IREN (IREN), position trimmed

What Does the Goldman Exit Mean for XRP and Solana ETF Investors?

The short answer: less than the headline implies, but more than zero. Goldman Sachs is a large institutional player, and its Q4 2025 position made it the top institutional holder of XRP ETFs. Losing that buyer matters at the margin. But institutional ETF flows are not driven by a single filer, and other large holders, pension funds, wealth managers, family offices, may have added during the same period that Goldman was selling. The net flow picture for XRP and Solana ETFs in Q1 2026 will only be clear once multiple 13F filings are aggregated.

The more pointed read is about what Goldman’s rotation says about risk appetite at the institutional level for altcoin ETF products. XRP and Solana funds were launched into a market where demand was hot and issuers were racing to list new products. Goldman’s Q4 2025 filing, landing just months after those launches, looked like early institutional validation. The Q1 2026 reversal complicates that narrative.

That said, Goldman Sachs holding $690 million in IBIT and continuing to run meaningful Ether exposure signals that the bank’s institutional crypto desk is not walking away from digital assets. It is just being more selective. For XRP holders watching institutional flows, this quarter’s filing is a cold splash of water, not a death sentence, but not confirmation either.

This article is for informational purposes only and does not constitute investment advice. Every investment and trading decision involves risk. Readers should conduct their own research before making any financial decisions.