Goldman Sachs sharply reduced its exposure to cryptocurrency exchange-traded funds (ETFs) in the first quarter of 2026, eliminating positions in newly launched altcoin products while maintaining significant Bitcoin and Ether holdings. The US investment bank reported no XRP-linked ETF exposure in its Q1 2026 Form 13F filing with the US Securities and Exchange Commission, a stark reversal from its Q4 2025 position of nearly $154 million across Bitwise, Franklin Templeton, Grayscale, and 21Shares XRP products. Goldman Sachs also exited all Solana-linked ETF holdings, including positions in the Grayscale Solana Trust ETF (GSOL), Bitwise Solana Staking ETF (BSOL), and Fidelity Solana Fund (FSOL). Both XRP and Solana ETFs launched in late 2025 as issuers expanded beyond Bitcoin and Ether offerings. Quarterly 13F filings provide institutional investors with rare visibility into how major asset managers allocate capital across digital-asset products, making Goldman Sachs' pullback a notable signal in the institutional crypto market.
## Bitcoin and Ether ETF Holdings Remain Substantial
Despite the altcoin retreat, Goldman Sachs maintained significant positions in established cryptocurrency ETFs. The bank held approximately $690 million in BlackRock's iShares Bitcoin Trust ETF (IBIT) and $25 million in the Fidelity Wise Origin Bitcoin Fund (FBTC), representing reductions of roughly 10% during the quarter. Goldman Sachs also cut its position in the iShares Ethereum Trust (ETHA) by approximately 70%, leaving it with roughly 7.2 million shares valued at around $114 million.
## Crypto Equities Show Mixed Positioning
Goldman Sachs increased exposure to several cryptocurrency-related companies during Q1 2026. The bank's position in Circle Internet Group (CRCL) jumped 249%, while Galaxy Digital (GLXY) rose 205%. Goldman Sachs also added to positions in Coinbase Global (COIN), Robinhood Markets (HOOD), and PayPal Holdings (PYPL). Simultaneously, the bank reduced stakes in mining and infrastructure companies, including BitMine Immersion Technologies (BMNR), Bit Digital (BTBT), and Riot Platforms (RIOT). It also reduced positions in MicroStrategy (MSTR) and Iris Energy (IREN).
