Goldman Sachs Exited XRP and Solana ETF Exposure in Q1 2026 — Who Filled the Gap

13-F filings reveal Goldman Sachs reduced its XRP and Solana ETF exposure during Q1 2026 — the same quarter in which CoinShares data shows mid-tier institutions and retail investors rotating heavily into the same products. The distribution story is more important than the headline number.

Goldman Sachs reduced its exposure to XRP and Solana exchange-traded products in the first quarter of 2026, according to 13-F regulatory filings reviewed by CoinTelegraph. The filings, which cover Q1 portfolio holdings reported by institutional investment managers, show the bank trimming positions in both XRP and SOL ETFs during the January–March period.

The move contrasts with JPMorgan's Q1 filing, which showed a 174% increase in BlackRock IBIT (Bitcoin ETF) holdings alongside added exposure to select Bitcoin, Ether, and Solana-linked funds. Goldman's exit from XRP and Solana specifically — while other institutions were adding — creates a distribution dynamic worth understanding.

What 13-F Filings Actually Show

13-F filings are quarterly disclosures required of US institutional investment managers with over $100 million in qualifying assets. They reveal long positions but do not capture short positions, derivatives, or positions held in non-US entities. Goldman's filing shows the XRP and Solana ETF positions it held at the end of Q1 were smaller than at the end of Q4 2025 — but does not reveal whether those positions were closed entirely, hedged, or simply reduced as part of broader portfolio rebalancing.

Who Was Buying While Goldman Was Selling

CoinShares weekly fund flow data from the week of May 19, 2026 offers a partial answer. During a week when bitcoin and ethereum ETFs recorded heavy outflows — bitcoin products shed nearly $1 billion — XRP and Solana products attracted net inflows. The data shows investors rotating into listed products based on XRP and SOL while trimming exposure to the two largest crypto assets by market cap.

That rotation is consistent with a buyer base dominated by mid-tier institutions and high-net-worth individuals rather than the largest banks. Goldman Sachs trimming positions while smaller institutional allocators are adding is a normal feature of a maturing market — it reflects different time horizons, different risk mandates, and different views on where value sits in the crypto capital structure.

The Grayscale Dominance in Current Flows

The current XRP ETF inflow streak — nine consecutive days as of May 22, with $8.88M added on May 21 alone — is almost entirely Grayscale-driven. On May 21, XRPC (Grayscale XRP Mini Trust) contributed $6.58M and XRP (Grayscale XRP Trust) contributed $2.31M. The other three listed products showed zero net movement.

Grayscale products are primarily used by family offices, registered investment advisors, and institutional accounts that are slower to rebalance than the largest bank proprietary desks. Goldman's Q1 exit and Grayscale's Q2 inflow streak are not necessarily contradictory — they represent different segments of the institutional market operating on different timelines.

The Rotation Pattern in Context

The broader rotation away from bitcoin and ethereum products toward XRP and Solana ETFs in mid-May 2026 coincides with a specific macro backdrop: the Senate moved to curb Trump administration war powers in the Iran context, Treasury yields fell, and oil prices dropped. In that environment, lower-beta risk assets attracted capital flows from higher-beta positions — a pattern that has repeated across multiple risk-off events in the post-ETF crypto market.

For current XRP ETF flow data, AUM, and per-fund holdings updated daily, see the XRPLAnalytics ETF Tracker. For a full breakdown of the nine-day inflow streak and its fund-level composition, see: XRP ETF Nine-Day Inflow Streak: $8.88M on May 21, $1.40B Cumulative.