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- Goldman Sachs reported that there is no ETF linked to XRP in its Q1 2026 Form 13F filings.
- The bank also dropped exposure to the Solana fund and reduced its Bitcoin and Ether ETF holdings in the sector.
Goldman Sachs cut a number of crypto ETF positions in the first quarter of 2026. The latest Form 13F filing shows a small book of digital assets, with no XRP-linked ETFs listed and little transparency in all its aspects. Bitcoin and Ether fund positions.
XRP positions disappear from the filter
A clear change came XRP images. In the fourth quarter of 2025, Goldman Sachs had reported about 154 million dollars in XRP related ETFs related to Bitwise, Franklin Templeton, Grayscale and 21Shares. In the first half of the series, those roles did not appear again.
That is an interesting change, but it requires careful reading. A 13F delivery and an overview of other security positions reported in the US at the end of the quarter. It does not reflect any derivative, offshore instrument, short-term trading, hedge, swap or client-related position that the bank may take. So the filing does not prove that Goldman has taken a negative view on XRP itself. It shows that the bank had no XRP ETF positions in the book as of March 31.
Who are these buyers/carriers? Well we only know a small part of them because most of them don’t file 13Fs. But here are the ones they have as of 12/31/2025 pic.twitter.com/ymIyy1mobx
— James Seyff (@JSeyff) March 10, 2026
However, optics are required. Goldman was among those who appeared to have a spot XRP ETF. When the name ends, traders pay attention, even if the move was driven by balance sheet management or strategic volatility rather than long-term pricing.
The timing is also interesting. Altcoin ETFs are becoming a very active part of the crypto portfolio. These products can be used for trend indicator, money management, arbitrage, market making, customer support or value trading between different currencies. In this case, the position can end on the file without meaning “buy” or “sell”. The corporate use case is often more complex than business cases make it out to be.
The visibility of Bitcoin and Ether was also changed
Goldman hasn’t just moved away from XRP-related investments. The bank also dropped exposure to the Solana ETF and adjusted parts of its Bitcoin and Ether ETF portfolio. This points less to a one-off idea and more to a broader overhaul across crypto-linked currencies in the quarter.
Bitcoin and Ether ETFs remain the most stable assets in the category, but even then, institutional positions can move quickly. Banks can reduce exposure after heavy penetration, close sales, default risk, free up capital or respond to customer changes. The 13F filing shows where the portfolio stood at the end of the quarter, not the trading path it achieved.
This distinction is important because big banks don’t always own crypto ETFs like long-term funds do. A role can help create a market. It may block another display. It can be part of a spread trade between issuers or between ETFs and derivatives. When the product is no longer attractive, the site can be reduced or removed completely.
For the market, the most important question is whether this was rational or artificial. Goldman Sachs remains highly involved in markets where crypto assets are becoming more liquid, regulated and easier for investors to invest. But in Q1, at least in its 13F report, the bank decided to carry a smaller ETF in XRP, Solana, Bitcoin and Ether than before.
This does not mean that the need for crypto for organizations is over. It shows that major financial firms are treating crypto ETFs as trading instruments, not long-term bets. The next cycle will show whether Goldman’s return was a quarterly change or part of a larger shift away from the trend of altcoin-linked ETFs.
