Goldman Sachs reshaped its crypto ETF portfolio in the first quarter of 2026, fully exiting XRP and Solana ETF positions and cutting its Ethereum ETF exposure by nearly 70%, while still holding roughly $700 million in Bitcoin ETFs. The bank’s latest 13F filing showed that even as digital asset investment products posted more than $1 billion in weekly outflows across the market, Bitcoin remained the largest piece of its regulated crypto allocation.
XRP and Solana positions disappear from the filing
The new filing no longer listed any holdings tied to XRP or Solana ETFs. That marked a clear reversal from late 2025, when Goldman had built sizable exposure to both assets. In the previous quarter, the bank disclosed nearly $154 million across XRP products offered by Bitwise, Franklin Templeton, Grayscale, and 21Shares. It also held around $108 million in Solana-linked investment products through offerings from Bitwise, Grayscale, Fidelity, VanEck, and Franklin Templeton.
Bitcoin ETFs remain the largest crypto allocation
Goldman kept a large Bitcoin ETF book despite trimming other areas. The filing showed about $690 million in BlackRock’s IBIT and roughly $25 million in Fidelity’s FBTC. It also increased its IBIT exposure to nearly 41 million shares. Alongside the common-share position, the bank expanded call options tied to IBIT and kept put positions linked to the fund.
Ethereum exposure cut sharply, but a new staked Ether position appears
The bank made a major reduction in its Ethereum ETF holdings. Its position in BlackRock’s ETHA fell from 43.6 million shares to about 13.7 million shares. At the same time, Goldman opened a new position of 2.5 million shares in BlackRock’s iShares Stake Ethereum Trust. The filing did not give a reason for these portfolio changes.
Broader fund outflows did not stop inflows into XRP and Solana products
CoinShares reported that digital asset investment products saw $1.07 billion in outflows last week. Bitcoin products accounted for $982 million of that total, while Ethereum funds lost $249 million. Even so, XRP and Solana products still recorded inflows during the same period. According to the report, XRP products brought in $67.6 million and Solana products added $55.1 million.
Goldman also raised stakes in crypto-linked equities
Beyond ETFs, Goldman increased holdings in several publicly traded companies tied to the crypto sector, including Circle, Galaxy Digital, and Coinbase. Its Circle stake grew the most, rising from about 417,000 shares to nearly 1.5 million shares. The bank also reduced positions related to Strategy, IREN, Bit Digital, and Riot.
The filing points to a broader institutional pattern inside regulated crypto products. Across spot, futures, and options markets, Bitcoin ETFs continued to hold deeper liquidity than most alternative crypto investment vehicles.