- Goldman Sachs liquidated approximately $154 million in XRP ETF positions in the first quarter of 2026.
- The bank also sold all its Solana-related assets while retaining $700 million in Bitcoin ETFs.
- Funds have shifted to cryptocurrency infrastructure companies such as Circle, Coinbase, and Galaxy Digital.
Goldman Sachs According to its latest 13F filing with the U.S. Securities and Exchange Commission (SEC), the firm significantly reduced its altcoin exposure in the first quarter of 2026, completely liquidating its XRP ETF position and eliminating all Solana-related positions. Given that Goldman Sachs had previously been the largest institutional holder of XRP, this move marks a significant shift in its strategy. XRP ETF is expected to launch by the end of 2025.
Despite significantly cutting back on altcoin trading, the bank retained approximately $700 million in assets. Its Bitcoin ETF positions remained fully intact, suggesting that Goldman Sachs’ cryptocurrency strategy may now be more focused on... Bitcoin and infrastructure, rather than broader token issuance.
Bitcoin remains unchanged, while altcoins are cut.
Goldman Sachs previously held approximately $154 million in ETF products related to XRP, along with Franklin Templeton, Grayscale, and 21Shares. By the end of the first quarter of 2026, these positions had been fully removed from the bank’s portfolio.
Ethereum Goldman Sachs has also significantly reduced its exposure to Ethereum. According to reports, Goldman Sachs reduced its holdings in Ethereum ETFs by approximately 70%, leaving its remaining Ethereum-related exposure at around $114 million.
These measures indicate that Goldman Sachs has not entirely abandoned cryptocurrency, but has instead narrowed its institutional investment focus to Bitcoin while reducing exposure to more volatile altcoin markets.
Funds flow into cryptocurrency infrastructure
Interestingly, capital has not fully withdrawn from the digital assets space. Goldman Sachs has increased its investments in several cryptocurrency-related infrastructure companies, including Circle, Coinbase, Galaxy Digital, Robinhood, and PayPal.
According to reports, the bank increased its stake in Circle by approximately 249% and its stake in Galaxy Digital by approximately 205%, indicating a greater interest in companies building cryptocurrency infrastructure rather than holding large positions in cryptocurrency assets themselves.
Many analysts believe this shift reflects a growing preference among institutional investors for cryptocurrencies that generate stable returns. Enterprises are overly exposed to the highly volatile token market.
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A key message conveyed in Goldman Sachs' report is that institutional capital's investment strategy in the cryptocurrency market may be entering a more cautious phase. Bitcoin is increasingly viewed as an independent macro asset class, while some large financial institutions still regard altcoin ETFs as higher-risk experimental products.
Even so, despite Goldman Sachs' exit, altcoins attracted approximately $60 million in inflows over the past week, indicating that overall market demand for altcoins has not disappeared entirely.
Currently, Goldman Sachs' portfolio adjustments are less a rejection of cryptocurrency and more a recalibration of its most steadfast beliefs.