Goldman Sachs cuts altcoin ETF exposure after Q1 filing

Goldman Sachs no longer reported XRP-linked ETF holdings in its Q1 2026 Form 13F, according to the filing details cited in the report. 

The bank had ended Q4 2025 with nearly $154 million across XRP products from Bitwise, Franklin Templeton, Grayscale and 21Shares.

The change marks a fast reversal from its earlier altcoin ETF move. crypto.news reported in April that U.S. spot XRP ETFs had reached $1.53 billion in assets, while Goldman Sachs was the largest known institutional holder with $153.8 million spread across four funds.

Bitcoin and Ether exposure remains smaller

Goldman Sachs still held Bitcoin ETF exposure at the end of Q1. The bank reported about $690 million in BlackRock’s iShares Bitcoin Trust and around $25 million in Fidelity’s Wise Origin Bitcoin Fund, even after reducing both positions by roughly 10%.

Its Ether ETF position also fell. Goldman cut its BlackRock iShares Ethereum Trust holding by about 70%, leaving roughly 7.2 million shares valued near $114 million. The move came as crypto.news reported that Ethereum ETFs saw $255.11 million in outflows during the week ending May 15.

Additionally, the bank did not leave crypto-linked markets fully. It raised exposure to several public companies tied to digital assets, including Circle, Galaxy Digital, Coinbase, Robinhood and PayPal. That mix gives Goldman exposure to trading, payments and stablecoin-linked business lines.

At the same time, Goldman reduced stakes in several mining and infrastructure names, including BitMine, Bit Digital and Riot Platforms. It also cut positions in Strategy and IREN. The filing points to a cleaner focus on listed companies with clearer revenue lines than some mining-heavy names.

Institutional ETF demand stays divided

The move does not mean Wall Street has stepped away from crypto ETFs. crypto.news reported that Abu Dhabi’s Mubadala raised its BlackRock Bitcoin ETF position 16% to $565.6 million in Q1, adding about 2 million IBIT shares during the same reporting period.

Goldman’s own crypto activity also remains broader than one filing. Reuters reported in April that Goldman Sachs filed for a Bitcoin ETF product designed to give Bitcoin exposure and income from options trades. 

Still, 13F filings carry limits. The SEC notice says it has “not necessarily reviewed” the filing, so the data shows reported positions at quarter-end, not current holdings or intent.