Goldman Sachs Dumps XRP and Solana, Cuts Ethereum Exposure by 70%

Goldman Sachs fully exited its XRP and Solana (SOL) spot ETF positions during the first quarter of 2026, ending a brief altcoin push that began just months earlier.

The bank’s latest 13F filing with the Securities and Exchange Commission (SEC) also shows Ethereum (ETH) ETF exposure trimmed by about 70% and Bitcoin (BTC) ETF stakes preserved near $700 million for the period ending March 31.

Goldman Sachs Makes A Strategic Altcoin Retreat

The disclosure marks a sharp reversal from late 2025, when Goldman first appeared as one of the largest institutional holders of spot XRP and Solana ETF products.

Earlier filings showed nearly $154 million spread across Bitwise, Franklin Templeton, Grayscale, and 21Shares XRP funds, plus a smaller Solana position concentrated in Bitwise’s staking ETF and Grayscale’s Solana Trust.

Both positions now sit at zero. Remaining iShares Ethereum Trust (ETHA) holdings stand near $114 million, well below the prior quarter.

The bank kept roughly $690 million in BlackRock’s iShares Bitcoin Trust (IBIT) and about $25 million in Fidelity Wise Origin Bitcoin Fund (FBTC), though both were trimmed by close to 10%.

Beyond ETFs, the firm increased exposure to crypto-linked equities including Circle, Galaxy Digital, and Coinbase. It also pared positions in mining and treasury names such as MicroStrategy, IREN, Bit Digital, and Riot Platforms.

The shift suggests Goldman is replacing direct token bets with infrastructure plays tied to stablecoin issuance, prime brokerage, and exchange flows.

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A Broader Institutional Pattern

Goldman is not the only major allocator rotating out of crypto funds.

Harvard University’s endowment cut its IBIT stake by roughly 43% to about $117 million. It also fully closed an $86.8 million Ethereum ETF position it had added only the prior quarter.

Trading firm Jane Street slashed its IBIT holdings by about 71% and FBTC by roughly 60%, then rotated into Ether ETFs.

Emory University exited its small IBIT position entirely, swapping into the Grayscale Bitcoin Mini Trust.

However, not every institution pulled back. Abu Dhabi’s Mubadala increased its IBIT holdings by about 16% to roughly $566 million, while Dartmouth’s endowment opened a small Bitwise Solana Staking ETF position.

Brown University held its IBIT exposure steady.

Quarterly 13F filings reflect end-of-quarter snapshots and often include market-making or client-driven inventory rather than directional bets.

Still, the volume of altcoin ETF exits tracks the sharp drawdons in XRP and Solana, both down more than 40% year-on-year.

The Q2 disclosures due in August will show whether the rotation continued or whether institutional appetite for altcoin funds returns.