All news is verified and thoroughly reviewed by leading blockchain experts and seasoned industry insiders.
- Goldman Sachs reported no ETF positions tied to XRP in its Form 13F filing for the first quarter of 2026.
- The bank also exited exposure to the Solana Fund and reduced portions of its Bitcoin and Ether ETF holdings during the quarter.
Goldman Sachs trimmed several crypto ETF positions in the first quarter of 2026. Its latest Form 13F filing shows a smaller reported digital asset book, with no XRP-linked ETF holdings included and lower exposure across parts of its funds. Bitcoin and ether Fund positions.
XRP positions disappear from registration
The most obvious change came XRP. In Q4 2025, Goldman Sachs reported approximately $154 million of exposure to XRP-linked ETFs across products from Bitwise, Franklin Templeton, Grayscale, and 21Shares. In the first quarter filing, these positions no longer appear.
This is a noticeable shift, but it requires careful reading. A 13F filing It is a snapshot of some of the positions in US securities that may be reported at the end of the quarter. It does not show every derivative, external instrument, short-term trade, hedging, swap or client-related position that the bank may hold. So the filing does not prove that Goldman took a broadly negative view of XRP itself. It shows that the bank did not hold XRP ETF positions in the reported book as of March 31.
Who are these buyers/owners? Well, we only know a small portion of them because the vast majority of them do not offer 13Fs. But here are the owners as of 12/31/2025 pic.twitter.com/ymIyy1mobx
– James Seyff (@JSeyff) March 10, 2026
However, optics are important. Goldman was previously listed among the most visible institutional holders of spot exposure to the XRP ETF. When that name disappears, traders take notice, even if the move is driven by balance sheet management or tactical rotation rather than a long-term purchase of the asset.
The timing is also interesting. Altcoin ETFs are becoming a more active part of institutional cryptocurrency positioning. These products can be used for directional exposure, liquidity management, arbitrage, market making, client facilitation, or relative value trades between different funds. In this context, a position can disappear from the register without indicating a simple “buy” or “sell” view. The enterprise use case is often messier than retail narratives suggest.
Exposure to Bitcoin and Ether has also been reshaped
Goldman is not just moving away from funds tied to XRP. The bank also exited Solana ETF exposure and trimmed portions of its Bitcoin and Ether ETF book. This points less to a decision regarding a single asset and more to a broader reset across crypto-related funds during the quarter.
Bitcoin and Ether ETFs remain the most established products in this category, but even there, institutional positions can move quickly. Banks may reduce their exposure to strong inflows, close key deals, rebalance risks, free up capital, or respond to changing customer demand. The 13F filing shows where a portfolio is at the end of the quarter, not the trading path that got it there.
This distinction is important because large banks don’t always hold cryptocurrency ETFs the way long-only funds do. The position may support market making activity. It may serve as a hedge for other exposure. It may be part of a spread trade between issuers or between spot ETFs and derivatives. Once this trade becomes unattractive, the position can be reduced or eliminated entirely.
For the market, the more useful question is whether this is tactical or structural. Goldman Sachs remains deeply involved in markets where cryptocurrency products are becoming more liquid, more regulated and easier to package for institutional investors. But in the first quarter, at least in its reported 13F book, the bank chose to take less direct exposure to its XRP, Solana, Bitcoin and Ether ETFs than before.
This does not mean that institutional demand for cryptocurrencies has disappeared. It suggests that large financial companies are treating cryptocurrency ETFs like active trading vehicles, not just passive long-term bets. The next round of filings will show whether Goldman’s pullback is a quarterly adjustment or part of a broader rotation away from exposure to altcoin-linked ETFs.
