Goldman Sachs' first-quarter 2026 13F filing reveals a complete exit from the nearly $154 million in XRP-related ETFs it held at the end of 2025. The bank was previously the largest institutional holder of XRP ETFs globally—Bloomberg ETF analyst James Seyffart confirmed on X that as of December 31, 2025, Goldman held products from Bitwise, Franklin Templeton, Grayscale, and 21Shares worth roughly $154 million. Those positions are now zeroed out in the Q1 report.
Solana ETF Positions Also Liquidated
Solana-linked ETFs were similarly cleared. The firm had previously held Grayscale Solana Trust ETF (GSOL), Bitwise Solana Staking ETF (BSOL), and Fidelity Solana Fund (FSOL); all three disappeared from the filing. Both XRP and Solana spot ETFs only launched in late October and November 2025 respectively, meaning Goldman held them for less than a full quarter before exiting.
Bitcoin and Ethereum: Reduced but Not Abandoned
The bank's approach to Bitcoin and Ethereum ETFs was distinct: cut back but stay invested. The Q1 filing shows Goldman owned $690 million in BlackRock iShares Bitcoin Trust ETF (IBIT) and about $25 million in Fidelity Wise Origin Bitcoin Fund (FBTC), each down roughly 10% from the prior quarter but still sizeable. Ethereum ETF holdings saw a steeper reduction: the iShares Ethereum Trust (ETHA) position was slashed by about 70%, leaving roughly 7.2 million shares valued at $114 million.
Pivot to Stocks: Circle Surges 249%, Galaxy Doubles
Goldman's stock trades reveal where the bank is actually placing its bets. During Q1, its stake in stablecoin infrastructure firm Circle (CRCL) surged 249%, while Galaxy Digital (GLXY) jumped 205%. It also added to positions in Coinbase Global (COIN), Robinhood Markets (HOOD), and PayPal Holdings (PYPL). On the flip side, Goldman trimmed mining and infrastructure names: BitMine (BMNR), Bit Digital (BTBT), Riot Platforms (RIOT), Strategy (MSTR), and IREN (IREN). Quarterly 13F filings offer rare visibility into how large asset managers allocate capital across digital asset investment products—Goldman's shift from ETFs to equities suggests institutional money is re-evaluating where crypto returns will come from.