Recent filings reveal that Goldman Sachs has shifted its strategy in the cryptocurrency market, notably withdrawing entirely from XRP-related exchange-traded funds (ETFs) in the opening quarter of 2026. The bank’s latest disclosure to the US Securities and Exchange Commission (SEC) reflects no positions in these funds during the specified timeframe, signaling a significant pivot in its approach to digital asset investments.
Why the Move Away from Solana and XRP?
Alongside its withdrawal from XRP ETFs, Goldman Sachs also exited all Solana-related ETFs, including those offered by Grayscale, Bitwise, and Fidelity. This strategic retreat marks a dramatic shift from the positions held in the previous quarters when XRP and Solana ETFs were newcomers, having launched in late 2025. These funds offered investors a fresh alternative beyond traditional leaders Bitcoin and Ethereum.
13F reports are closely scrutinized by investors to measure institutional interest in digital assets. As Goldman Sachs moved away from XRP and Solana products this quarter, overall institutional demand for other digital asset ETFs largely persisted.
What About Bitcoin and Ether ETFs?
While distancing itself from XRP and Solana, Goldman Sachs continues to maintain substantial stakes in Bitcoin and Ether-based ETFs. The bank retains nearly $690 million in BlackRock’s iShares Bitcoin Trust ETF and $25 million in Fidelity’s Wise Origin Bitcoin Fund. Despite a slight reduction over the quarter, this commitment underscores Bitcoin’s prominent status in the bank’s overall crypto portfolio.
In contrast, Goldman Sachs reduced its holding in Ethereum-focused ETFs considerably, cutting its stake in the iShares Ethereum Trust by approximately 70%, now valuing its remaining shares at $114 million.
Changing Investments in Crypto Companies
Goldman Sachs displayed a different strategy concerning equities in crypto-related companies. Noteworthy increases occurred in shares of Circle Internet Group and Galaxy Digital. There were also gains in Coinbase, Robinhood, and PayPal. However, it reduced investments in significant mining ventures and infrastructure firms such as BitMine, Bit Digital, and Riot Platforms.
Prior to this strategic overhaul, Goldman Sachs had been the largest institutional holder of XRP ETFs, reporting a $154 million position at the end of 2025, signaling a considerable commitment to emerging cryptocurrencies at that time.
These adjustments in Goldman Sachs’ ETF portfolio illustrate a sharper focus on leading digital currencies, primarily Bitcoin, while scaling back new entrants like Solana and XRP.
Such movements by Goldman Sachs are often closely observed by institutional investors as indicators of broader trends within the cryptocurrency sector and the increasingly dynamic market of crypto-backed investments.
