高盛 Q1 清倉 XRP、Solana ETF 部位，轉押 Circle、Galaxy、Coinbase 等加密股票

Goldman Sachs' Q1 2026 13F filing shows that this investment bank, which once held over $154 million in XRP-related ETFs and was once the world's largest institutional holder, has fully liquidated its XRP and Solana ETF positions in Q1, while shifting its bets toward crypto stocks like Circle and Galaxy Digital.
(Background: Goldman Sachs follows with applications for Bitcoin income ETFs, adopting a "sell high for premium" call strategy, intensifying the Wall Street crypto race)
(Additional context: Current status of altcoin ETF craze: an overview of crypto ETF applications since 2025)

Goldman Sachs once held the title of the world's largest XRP ETF institutional holder at nearly $154 million in late 2025, but according to the Form 13F filed with the U.S. Securities and Exchange Commission (SEC) in Q1 of this year, that number has been reduced to zero.

In the previous quarter (Q4 2025), Goldman Sachs still disclosed holdings in XRP ETFs issued by providers like Bitwise, Franklin Templeton, Grayscale, and 21Shares, totaling approximately $154 million; Bloomberg ETF analyst James Seyffart noted on X that as of December 31, 2025, Goldman Sachs was the world's largest XRP ETF institutional holder.

Solana-linked ETFs were also fully liquidated. The positions previously held in Grayscale Solana Trust ETF (GSOL), Bitwise Solana Staking ETF (BSOL), and Fidelity Solana Fund (FSOL) disappeared in the Q1 filings.

XRP and Solana spot ETFs only just launched at the end of November and October 2025, respectively, and Goldman Sachs chose to exit within less than a full quarter.

### Bitcoin and Ethereum: Reduced but Not Exited

Goldman Sachs' stance on Bitcoin and Ethereum ETFs is clearly different: they are reducing their holdings but remaining invested.

Q1 filings show Goldman Sachs holds $690 million in the BlackRock iShares Bitcoin Trust ETF (IBIT), and about $25 million in the Fidelity Wise Origin Bitcoin Fund (FBTC). Although both have been cut by about 10% from the previous quarter, they remain significant positions.

Ethereum ETFs saw a much larger reduction: the iShares Ethereum Trust (ETHA) position was cut by approximately 70%, leaving about 7.2 million shares worth roughly $114 million. The quarterly 13F filings provide a rare window into the movements of large asset management firms, revealing how they allocate capital in digital asset investment products.

### Shift to Stocks: Circle Surges 249%, Galaxy Doubles

Compared to ETF reductions, Goldman Sachs' moves in crypto stocks better illustrate the bank's true betting direction. In Q1, Goldman Sachs' holdings in stablecoin infrastructure company Circle (CRCL) surged 249%, and Galaxy Digital (GLXY) increased by 205%. The bank also increased its positions in Coinbase Global (COIN), Robinhood Markets (HOOD), and PayPal Holdings (PYPL).

On the other hand, Goldman Sachs reduced holdings in mining and infrastructure stocks, including BitMine (BMNR), Bit Digital (BTBT), Riot Platforms (RIOT), as well as Strategy (MSTR) and IREN (IREN).