Goldman Sachs’ latest 13F-HR filing for the quarter ended March 31, 2026, shows a sharp reduction in the bank’s reported crypto ETF exposure, including full exits from XRP and Solana ETF positions and a steep cut to its Ethereum ETF holdings. The disclosure does not show a wholesale retreat from crypto-linked assets: Goldman retained sizable Bitcoin ETF exposure and increased several listed crypto-sector equity positions.
Goldman Cuts Crypto ETFs, Exits XRP and Solana
Goldman Sachs Group Inc. fully exited its reported XRP and Solana ETF positions in the first quarter of 2026, reversing its Q4 expansion into altcoin-linked funds. Wu Blockchain summarized the move via X this way: “Goldman Sachs’ latest 13F filing shows the bank fully exited its XRP and Solana ETF positions in Q1 2026 after previously holding around $154 million in XRP ETFs. The bank still holds roughly $700 million in Bitcoin ETFs but cut its Ethereum ETF exposure by about 70% to around $114 million. Goldman also increased positions in Circle, Galaxy, and Coinbase shares while reducing holdings in Strategy, IREN, Bit Digital, and Riot.”
The filing, signed on May 15, 2026, lists Goldman Sachs Group Inc. as the reporting manager for the quarter ended March 31. Its summary page reports 13,579 information-table entries and a total information-table value of $870.94 billion, with eight other Goldman-related managers included, among them Goldman Sachs & Co. LLC, Goldman Sachs Asset Management, L.P., Goldman Sachs International and Goldman Sachs Bank Europe SE. A third-party 13F aggregation page shows the same filing with about $870.94 billion in aggregated holdings value and 6,431 consolidated holdings.
The ETF changes were broad but not uniform. Goldman still held roughly $690 million in BlackRock’s iShares Bitcoin Trust and about $25 million in Fidelity’s Wise Origin Bitcoin Fund, with both positions down about 10% quarter-over-quarter. Its iShares Ethereum Trust ETF position was cut by about 70% to roughly $114 million, while XRP and Solana ETF exposure was eliminated after the bank previously held about $153 million in XRP ETFs and roughly $108 million in Solana ETF exposure in Q4 2025. As the filing context notes, “13F filings are delayed snapshots. The filing shows Goldman’s reported U.S.-listed holdings as of March 31, 2026, not its current book, trading desk exposure, derivatives exposure outside 13F scope, or direct crypto holdings, if any.”
Filing Shows Shift Toward Crypto Equities
The equity data points to a more selective crypto rotation beneath the ETF cuts. Goldman increased its Coinbase common-stock position by 65% to 2.51 million shares, raising the reported value to $438.3 million. Its Circle Internet Group position rose from 417,174 shares to 1.46 million shares, with the reported value climbing from $33.1 million to $139.1 million, while Galaxy Digital increased 205% by share count to 2.25 million shares, worth $41.5 million at quarter-end.
Overall, Goldman’s Q1 filing shows a more selective crypto-equity rotation beneath the headline ETF cuts. The bank increased its Coinbase common-stock position by 65% to 2.51 million shares, lifting the reported value to $438.3 million. Its Circle position rose even more sharply, from 417,174 shares to 1.46 million shares, with the value climbing from $33.1 million to $139.1 million.
PayPal also increased by share count, rising 32% to 12.10 million shares, though the reported value rose only 3% to $547.4 million. Robinhood was mixed: Goldman raised its share count by 35% to 4.95 million shares, but the reported value fell 17% to $342.9 million. Across the nine main crypto-linked equity rows cited in the extraction — Coinbase, Circle, Galaxy, PayPal, Robinhood, Strategy, IREN, Riot Platforms and Bit Digital — Goldman’s reported common-stock value declined from $2.045 billion to $1.973 billion, a drop of about $71.9 million, or 3.5%.
The reductions were concentrated in Bitcoin treasury and mining-linked names. Goldman cut its Strategy position by 23% to 1.79 million shares, with the reported value falling 37% to $223.0 million; IREN declined 24% by share count to 5.57 million shares; Riot Platforms fell 22% to 3.81 million shares; and Bit Digital dropped 54% to 1.90 million shares. The broader crypto and digital-infrastructure set, however, rose from $2.288 billion to $2.457 billion, an increase of about $169.0 million, driven mainly by Applied Digital, Circle, Coinbase, TeraWulf, Hut 8 and Galaxy Digital.
Notably, the reductions were concentrated in Bitcoin treasury and mining-linked names. Goldman cut its Strategy position by 23% to 1.79 million shares, with the reported value dropping 37% to $223.0 million. IREN fell 24% by share count to 5.57 million shares, while Riot Platforms declined 22% to 3.81 million shares and Bit Digital dropped 54% to 1.90 million shares.
Goldman’s Q1 2026 filing is best read as a rotation rather than an exit from crypto-linked exposure. The bank moved away from reported XRP, Solana and Ethereum ETF exposure, trimmed Bitcoin ETFs, and increased selected listed equities tied to exchanges, stablecoins, fintech and digital infrastructure. Because 13F filings are delayed and limited in scope, the disclosure shows Goldman’s reported U.S.-listed holdings as of March 31, not its current positioning or any exposures outside the filing framework.
AI Transparency Note: This article was prepared with the assistance of an AI system based on the sources listed and was reviewed, edited, and approved by a human editor before publication. All quotes, data points, and factual claims are intended to be grounded in the cited source material; however, errors cannot be ruled out entirely.
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