The latest batch of 13F filings shows divergent positioning in Solana-related assets by traditional financial institutions in the first quarter of 2026. Several major asset management firms increased their holdings of Solana-linked ETFs and related publicly traded companies, while Goldman Sachs exited its positions in Solana- and XRP-linked ETFs.
Form 13F is a quarterly filing required of U.S. institutional investment managers to disclose their stock holdings. This disclosure reveals that institutions' involvement in Solana is not uniform, encompassing both ETFs and shares of publicly traded companies focused on the Solana ecosystem.
Citadel and Morgan Stanley increase their positions
Documents show that Citadel Advisors significantly increased its exposure to Solana in the first quarter, a 760% rise compared to the previous quarter. While the report does not provide full details of its holdings, this shift has drawn attention in the crypto market.
Morgan Stanley also increased its stake in the Bitwise Solana ETF ($BSOL) during the same period. Disclosure data shows that its holdings rose from approximately $15.3 million to about $29.9 million, nearly doubling in a single quarter.
BlackRock and Vanguard turn to related listed companies
BlackRock and Vanguard’s new exposures are primarily from treasury-focused companies linked to the Solana ecosystem. Documents show that BlackRock held Solana treasury companies such as Forward Industries and Defi Development Corp. in the first quarter, with a combined exposure of approximately $11 million.
The disclosed position sizes by Pioneer are higher, totaling approximately $40 million. The report suggests that such allocations indicate some large institutions are indirectly participating in the Solana ecosystem through publicly traded stocks, rather than relying solely on ETFs or direct token holdings.
Notably, the document also mentions that both institutions hold shares in Bonk Inc., a publicly traded company primarily focused on accumulation strategies around the Solana-based memecoin BONK.
Goldman Sachs exits related ETF holdings
Unlike the aforementioned institutions, Goldman Sachs chose to fully exit its positions in Solana and XRP-related ETFs during the first quarter. According to the report, its previously held products included the Grayscale Solana Trust ETF, Bitwise Solana Staking ETF, and Fidelity Solana Fund, none of which appear in its latest filings.
However, this does not mean Goldman Sachs has fully exited its Solana-related positions. Documents show that the bank still maintains exposure to certain Solana treasury companies, reflecting differing approaches between ETF holdings and equity strategies among institutional investors.
Overall, these 13F filings show that traditional financial institutions continue to increase their allocations to Solana, but the specific instruments used have become notably differentiated—some institutions are further increasing their ETF positions, while others prefer gaining ecosystem exposure through related publicly traded companies.