Goldman Sachs dumps XRP and Solana ETFs entirely, doubles down on Bitcoin

Goldman Sachs just told us exactly what it thinks about the altcoin ETF experiment. The answer, based on its latest regulatory filing, is “no thanks.”

The bank’s Q1 2026 Form 13F shows a complete liquidation of all XRP and Solana-related ETF positions, holdings that had collectively peaked at roughly $154 million in Q4 2025. Meanwhile, Goldman kept its Bitcoin ETF allocation largely intact at around $700 million, maintaining positions in funds run by BlackRock and Fidelity.

The altcoin exit

Goldman’s XRP ETF holdings went from $154 million combined with Solana to exactly zero. Not reduced. Not trimmed. Liquidated.

Ethereum didn’t fare much better. The bank slashed its ETH ETF exposure by approximately 70%, leaving a $114 million stake where a much larger position once sat.

These liquidations happened during a period when XRP and Solana ETFs were still relatively new products, having only launched in late 2025.

Bitcoin stays, and it’s not even close

Goldman’s Bitcoin ETF exposure sits between $715 million and $720 million, representing only about a 10% reduction from prior levels.

The contrast is striking. Bitcoin gets a gentle trim. Ethereum gets cut by 70%. XRP and Solana get zeroed out entirely.

The equity play tells the rest of the story

Goldman boosted its stake in Circle by 249% and its position in Galaxy Digital by 205%. Coinbase also received increased investment.

Circle issues USDC, the stablecoin that underpins huge swaths of DeFi and institutional settlement. Galaxy Digital operates across trading, asset management, and mining. Coinbase is the largest US-based exchange.

The 249% increase in Circle is particularly notable given the stablecoin regulatory landscape. As governments worldwide move to formalize stablecoin frameworks, Circle’s USDC is positioned as the compliant, institutionally friendly option.

The Ethereum reduction is perhaps the most interesting signal. A 70% cut from Goldman suggests that even Ethereum’s institutional thesis is weakening relative to Bitcoin. If this becomes a pattern across other major institutions’ upcoming 13F filings, the liquidity dynamics for altcoin ETFs could shift meaningfully, as products need assets under management to survive.

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