Why Did Goldman Sachs Exit Its XRP and Solana ETF Positions So Quickly?

[etfs]

Goldman Sachs fully exited its XRP and Solana spot ETF positions during the first quarter of 2026, ending a brief altcoin push that had only begun a few months earlier in late 2025. At its peak, Goldman held nearly $154 million spread across Bitwise, Franklin Templeton, Grayscale, and 21Shares XRP funds, plus a smaller Solana position concentrated in Bitwise's staking ETF and Grayscale's Solana Trust. Both positions now sit at zero according to the bank's latest 13F filing with the SEC. The bank also trimmed its Ethereum ETF exposure by approximately 70%, though it preserved Bitcoin ETF stakes near $700 million, keeping roughly $690 million in BlackRock's iShares Bitcoin Trust and about $25 million in Fidelity's Bitcoin fund.

The most likely explanation is a combination of price performance and strategic repositioning. XRP and Solana both fell more than 40% year over year, making the brief altcoin ETF positions significantly less attractive to hold through Q1. Importantly, Goldman simultaneously increased its exposure to crypto-linked equities including Circle, Galaxy Digital, and Coinbase, while reducing positions in mining and treasury names. That shift suggests Goldman is not retreating from crypto broadly but rotating away from direct token price bets toward infrastructure plays tied to stablecoin issuance, prime brokerage, and exchange activity. It is worth noting that 13F filings reflect end-of-quarter snapshots and can include market-making or client-driven inventory rather than purely directional bets, meaning the exit may reflect client demand patterns as much as Goldman's own conviction.

[cryptoenthusiast]

Recurring revenue streams over token appreciation being the specific investment thesis shift that distinguishes infrastructure from direct exposure positioning