Goldman Sachs has strategically repositioned its crypto holdings by completely liquidating its investments in XRP and Solana exchange-traded funds during the first quarter of 2026. This decision comes as part of a broader strategy that prioritizes spot Bitcoin exposure, particularly through BlackRock’s IBIT.
In earlier reports, Goldman Sachs disclosed around $260 million in combined positions in XRP and Solana ETFs. XRP accounted for approximately $152 million, diversified across various issuers including 21Shares, Bitwise, Franklin, and Grayscale. On the other hand, its Solana investments, totaling around $108 million, were more concentrated, with significant shares in Bitwise's Solana staking ETF and Grayscale’s Solana Trust.
While the bank cut its XRP and Solana stakes, it notably increased its holdings in Bitcoin. Goldman raised its IBIT exposure to around 41 million shares, significantly expanding its call options on the fund to 6.8 million shares and maintaining 16.3 million in puts. This demonstrates an increasingly bullish attitude towards Bitcoin, contrasted by a slight reduction in its stake in Fidelity's FBTC fund.
The bank's actions also included a considerable reduction in its Ethereum ETF holdings, slashing its ETHA position from 43.6 million to just 13.7 million shares. This move aligns with its new investment strategy which includes a fresh 2.5 million-share position in BlackRock’s iShares Stake Ethereum Trust.
Moreover, Goldman Sachs enhanced its investments in regulated blockchain companies, tripling its stake in Circle from 417,174 shares to close to 1.5 million shares. This shift towards Bitcoin and established blockchain firms reflects a broader trend among large financial institutions, highlighting Bitcoin as the preferred digital asset for portfolio construction. The recent approval of spot Bitcoin ETFs has provided a framework for banks and asset managers to access the cryptocurrency market more effectively, securing exposure without holding the underlying asset directly.