What Quietly Shifted In Goldman’s Crypto Book That Shocked XRP Army

Crypto analyst BankXRP (@BankXRP) recently flagged a striking shift in Goldman Sachs’ crypto ETF holdings. The bank’s Q1 2026 13F filing, sourced from the SEC, showed Goldman Sachs had fully exited its XRP and SOL ETF positions. The filing covered assets across 13,000+ holdings and confirmed the moves as of the Q1 reporting period.

Goldman Sachs’ Current Position

Goldman Sachs held $153.8 million in XRP ETF products as recently as Q4 2025, making it the largest spot XRP ETF holder on Wall Street. Its SOL position stood at $108 million across six ETF products.

Both positions now read $0. The bank also cut its ETH exposure by 70%, dropping from around $380 million to $114 million. Bitcoin (BTC) was trimmed by approximately 10%, from $715 million to $690 million.

The XRP holdings spanned four ETF products: BITW, FXRP, GXRP, and TOXR. The SOL position covered BITW, FSOLW, GSOL, and three additional products.  The filing also showed new inflows into Circle, Coinbase, and Galaxy Digital. Goldman Sachs moved capital into crypto infrastructure equities rather than direct token-linked products.

A Closer Look at the Numbers

The 13F filing generated significant attention across crypto circles. Some read the exits as a vote of no confidence in XRP and SOL. Goldman’s status as the largest spot XRP ETF holder gave the move added weight.

Dom Kwok, co-founder of EasyA, offered a more technical reading. He pointed out that Goldman’s holdings were active on its trading desk, not directional investment positions. “Their initial holdings of XRP and SOL were meant to facilitate client needs,” Kwok wrote, citing “ETF creation/redemptions, market-making, prime brokerage activity.”

Kwok noted that these were not investments driven by bullish expectations for SOL or XRP. He described the Q1 changes as “nothing more than a routine rebalancing.”

Context for the Filing

13F filings report institutional holdings at a point in time. They show what firms held at quarter-end, not the reasoning behind those positions. Goldman Sachs’ trading desk operates differently from its investment portfolios. Positions tied to client facilitation turnover regularly.

The rotation into Circle, Coinbase, and Galaxy Digital shows Goldman Sachs maintains crypto exposure. The shift moves capital toward companies operating within the crypto ecosystem rather than ETFs tracking token prices directly.

Kwok’s point stands on mechanics. Goldman Sachs’ XRP and SOL positions served operational functions. The Q1 filing reflects the end of those functions for that quarter, not a strategic exit from the asset class.

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