Goldman Sachs liquidated its entire positions in XRP and Solana ETFs during the first quarter of 2026. At the same time, the bank reduced its Ethereum exposure by roughly 70 percent and built a new stake in Hyperliquid Strategies (NASDAQ: PURR).
This emerges from the 13F filing dated 18 May 2026. As of year-end 2025, Goldman was still the largest institutional holder of US spot XRP ETFs with a market value of around USD 152 million. Bitcoin positions remained largely stable at around USD 715 million, although the bank also trimmed them by about 10 percent. In contrast, the bank significantly increased its holdings in crypto equities such as Circle Internet Group and Galaxy Digital. As of 31 March 2026, Goldman managed a 13F portfolio totaling USD 870.9 billion across 6,431 positions.
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Complete exit from XRP and SOL products
On the XRP side, Goldman fully sold four positions. These included the 21Shares XRP ETF (TOXR) at around USD 35.9 million and the Bitwise XRP ETF at USD 39.8 million. In addition, Franklin Templeton's XRPZ stood at USD 38.5 million and Grayscale's GXRP at USD 38.0 million. As a result, the bank closed out a holding that as of 31 December 2025 represented roughly 73 percent of the combined XRP ETF holdings of the thirty largest US institutions.
On the Solana side, the bank dissolved stakes in six products. These included the Grayscale Solana Trust (GSOL), the Bitwise Solana Staking ETF (BSOL), and the Fidelity Solana Fund (FSOL). BSOL was the largest single position at around USD 45 million. Furthermore, total SOL ETF exposure stood at approximately USD 108 million at the end of 2025 and fell to zero in Q1 2026.
The Ethereum position also shrank notably. In the iShares Ethereum Trust (ETHA), Goldman still held around 7.2 million shares worth approximately USD 114 million as of the end of March 2026. In the previous quarter, the figure had been 40.7 million shares. This corresponds to a reduction of roughly 70 percent.
Market timing and institutional context
The exit fell within a weak quarter for most altcoins. For example, XRP traded between USD 1.40 and USD 2.40 in Q1 2026, more than 60 percent below the 2025 all-time high of USD 3.65. Solana, in turn, lost around 38 percent during the quarter. Monthly DEX volume dropped from USD 156 billion in October 2025 to USD 57 billion in March 2026. In addition, network fees on Solana fell by 42 percent between January and March.
Bloomberg analyst James Seyffart had already indicated at the end of 2025 that Goldman's XRP holdings likely did not stem from directional bets. Instead, they reflected trading desk market-making activities. Therefore, the complete exit in the following quarter supports this reading.
"Goldman's large XRP position at the end of 2025 likely originated from trading desk activity rather than directional proprietary bets — the complete exit confirms this view." - James Seyffart, Senior ETF Analyst, Bloomberg Intelligence
Goldman's exit barely moved the market. Cumulative XRP ETF inflows since launch reached USD 1.39 billion. Moreover, SoSoValue reported net inflows of USD 60.49 million in the week after the filing was published. 13F filings capture only listed equities and ETFs, not derivatives, OTC trades, or client-driven activity. As a result, a substantial portion of a bank like Goldman's crypto business remains invisible.
New position in Hyperliquid treasury PURR
A new addition to the portfolio is Hyperliquid Strategies Inc., listed on NASDAQ under the ticker PURR. In Q1 2026, Goldman acquired 654,630 shares with a market value of around USD 3.33 million. The position is small relative to the Bitcoin allocation, but conceptually noteworthy. PURR is a so-called Digital Asset Treasury (DAT) Company. It primarily accumulates the HYPE token of the Hyperliquid blockchain, analogous to the Bitcoin strategy of Strategy (formerly MicroStrategy).
As of the end of March 2026, PURR held roughly 18.83 million HYPE tokens worth USD 689 million, along with USD 113 million in cash. Total assets accordingly amounted to USD 809 million. Furthermore, in the most recent quarter the company reported net income of USD 152.5 million, driven by a HYPE price increase of around 44 percent. Since the strategy began on 2 December 2025, PURR invested USD 216 million in building its token treasury and repurchased its own shares for USD 10.5 million.
In parallel with the reshuffling in the crypto ETF segment, Goldman expanded its equity positions across the broader sector. Specifically, the stake in Circle Internet Group (CRCL) grew by 249 percent, and the one in Galaxy Digital (GLXY) by 205 percent. In addition, the bank added to Coinbase (COIN), Robinhood (HOOD), and PayPal (PYPL). Conversely, the bank reduced its holdings of Bitcoin mining and treasury equities, specifically BitMine Immersion, Bit Digital, Riot Platforms, Strategy, and IREN. Overall, the pattern shows a clear shift away from pure crypto beta vehicles on the altcoin side, toward infrastructure, payments, and treasury vehicles around Hyperliquid.
