Goldman Sachs Exits XRP, Solana ETFs in First Quarter, Trims Bitcoin and Ether Holdings

Goldman Sachs reduced its holdings of cryptocurrency exchange-traded funds in the first quarter, exiting XRP and Solana-related ETFs and trimming its Bitcoin and Ether positions.

Cointelegraph reported on May 18 that Goldman Sachs' first-quarter 13F filing with the US Securities and Exchange Commission showed no holdings in XRP-related ETFs.

In its fourth-quarter filing last year, Goldman Sachs disclosed about $154 million of XRP ETF holdings tied to products from Bitwise, Franklin Templeton, Grayscale and 21Shares.

The bank also appears to have sold all of its Solana ETF positions. It had previously invested in the Grayscale Solana Trust ETF, Bitwise Solana Staking ETF and Fidelity Solana Fund.

Cointelegraph said the sale suggests institutions are taking a cautious approach to the early altcoin ETF market, as XRP and Solana ETFs were launched only at the end of last year.

Goldman Sachs maintained its Bitcoin and Ether ETF holdings, though at reduced levels. The filing showed about $690 million in BlackRock's iShares Bitcoin Trust and about $25 million in Fidelity Wise Origin Bitcoin Fund, with both positions down about 10% from the previous quarter.

The bank also cut its Ether ETF exposure. Its holdings in the iShares Ethereum Trust fell about 70% from the prior quarter to roughly $114 million.

By contrast, Goldman Sachs increased some crypto-related equity investments. It boosted its holdings in stablecoin company Circle by 249% and expanded its position in Galaxy Digital by 205%. It also added to its stakes in Coinbase, Robinhood and PayPal.

At the same time, the bank reduced exposure to mining and infrastructure companies including BitMine Immersion Technologies, Bit Digital and Riot Platforms. It also cut its investments in Strategy and IREN.