Goldman Sachs Pulls Out of XRP and Solana ETFs in Major Portfolio Rebalance

Highlights:

• Goldman Sachs removed all XRP and Solana ETF holdings during the first quarter of this year.
• Goldman Sachs kept more than $800 million in combined Bitcoin and Ether ETF exposure.
• Circle and Galaxy Digital recorded the biggest increases in Goldman Sachs’ crypto equity portfolio.

Goldman Sachs, one of the world’s leading asset managers, has reduced its cryptocurrency ETF exposure during the first quarter of this year, according to its latest Form 13F filing. The filing showed no XRP-linked ETF holdings after the bank previously reported nearly $154 million in related products. Those earlier holdings included ETFs from Bitwise, Franklin Templeton, Grayscale, and 21Shares.

Goldman Sachs Exits XRP and Solana ETF Positions, Cuts Ethereum ETF Holdings by 70%

Goldman Sachs’ latest 13F filing shows the bank fully exited its XRP and Solana ETF positions in Q1 2026 after previously holding around $154 million in XRP ETFs. The bank still holds roughly… pic.twitter.com/jKn6eblVIq

— Wu Blockchain (@WuBlockchain) May 18, 2026

The latest filing also removed previously reported positions tied to Solana-focused investment products. Earlier disclosures showed holdings in the Grayscale Solana Trust ETF, Bitwise Solana Staking ETF, and Fidelity Solana Fund. The changes came months after asset managers launched new altcoin ETFs across US markets late last year.

Solana ETFs started trading in late October before additional products entered the market in November. Spot XRP ETFs also launched in mid-November after issuers expanded beyond Bitcoin and Ether investment products. The filing showed that the bank reduced exposure to recently launched altcoin ETF products during the quarter.

Goldman Sachs Keeps Large Bitcoin and Ether ETF Holdings

The investment bank continued holding major Bitcoin and Ether ETF positions despite several reductions during the quarter. The bank held nearly $690 million worth of BlackRock’s iShares Bitcoin Trust ETF during the first quarter. Goldman Sachs also reported roughly $25 million in Fidelity’s Wise Origin Bitcoin Fund.

However, Goldman Sachs reduced both Bitcoin ETF positions by roughly 10% during the quarter. The filing also showed a nearly 70% reduction in the bank’s iShares Ethereum Trust position. After the reduction, Goldman Sachs still held around 7.2 million ETHA shares valued at nearly $114 million.

The filing showed that Bitcoin and Ether products remained Goldman Sachs’ largest crypto ETF holdings despite broader portfolio adjustments. BlackRock’s IBIT represented the bank’s biggest crypto ETF position during the quarter. Institutional investors also continued directing capital into Bitcoin and Ether ETFs through major US asset managers during early this year.

The latest disclosure showed that the investment bank maintained larger positions in established crypto ETF products while reducing exposure to newer altcoin-focused funds. Bitcoin ETFs continued attracting institutional demand across traditional financial markets during the quarter. Ether ETFs also remained active despite slower inflows across several investment products.

Crypto Stock Changes and Gold Buying Plans Show Wider Shift

Goldman Sachs increased its exposure to Circle Internet Group by 249% during the first quarter. The bank also raised its Galaxy Digital position by 205% during the same period. In addition, Goldman Sachs added to holdings in Coinbase Global, Robinhood Markets, and PayPal Holdings.

At the same time, the bank reduced holdings in BitMine Immersion Technologies, Bit Digital, Riot Platforms, Strategy, and IREN. The changes affected mining firms, trading platforms, and digital asset infrastructure companies across the crypto sector.

In a related development, Goldman Sachs analysts Lina Thomas and Daan Struyven also shared a stronger outlook for central bank gold demand. The analysts forecast average monthly central bank gold purchases of 60 tons during this year. Their May 15 note also showed that the 12-month moving average for gold purchases reached 50 tons in March.

Goldman Says Central Banks Want More Gold for Their Reserves:

Previous estimates of bullion purchases of 29 tons/month moved to 60 tons/month

Purchases are expected to pick up to average 60 tons a month over 2026, analysts Lina Thomas and Daan Struyven said in a note dated May…

— Peter Spina ⚒ GoldSeek | SilverSeek (@goldseek) May 18, 2026