[DigitalToday reporter Yoonseo Lee (이윤서)] It has been confirmed that global investment bank Goldman Sachs sold all of its holdings in XRP and Solana spot exchange-traded funds (ETFs) in the first quarter of this year.

On May 19 (local time), blockchain outlet CoinPost reported that Goldman Sachs disclosed the portfolio changes through its quarterly 13F holdings report filed with the U.S. Securities and Exchange Commission (SEC).

The most notable point in the filing was the complete sale of ETFs related to XRP and Solana. Holdings in four XRP spot ETF products from Bitwise, Franklin Templeton, Grayscale and 21Shares fell to $0 from about $152.2 million at the end of the previous quarter.

It also sold all Solana spot ETFs. It fully sold six products: the Bitwise Solana Staking ETF, the Grayscale Solana Trust ETF, the Fidelity Solana Fund, the VanEck Solana Trust, the 21Shares Solana ETF and the Franklin Solana Trust.

As of the end of the previous quarter, its Solana ETF holdings were about $45.4 million in the Bitwise product, about $35.7 million in the Grayscale product, about $20.6 million in the Fidelity product and about $5.1 million in the VanEck product. Both XRP and Solana were first added between late November and December 2025, and the firm exited after one quarter.

Goldman Sachs had first disclosed its investments in XRP and Solana spot ETFs in the previous quarter's 13F. At the time, the size of its XRP spot ETF holdings was so large that it accounted for 73% of the total held by the top 30 institutional investors, making Goldman Sachs the largest institutional investor. Institutional interest in XRP increased after the end of a lawsuit between the SEC and Ripple, and Solana was also seeing faster inflows after multiple ETFs were approved in late 2025.

Holdings in bitcoin and ethereum spot ETFs were also partly reduced. It maintained about $716.0 million in bitcoin spot ETFs, including about $691.0 million in BlackRock's IBIT and about $25.2 million in Fidelity's FBTC. That was about 33% lower in value than about $1.063 billion in the previous quarter.

For ethereum spot ETFs, BlackRock's ETHA fell about 81% to about $114.2 million, and Fidelity's FETH was fully sold. Goldman Sachs, however, newly added about $66.9 million in the iShares Staking Ethereum Trust. As a result, its total holdings of ethereum-related spot ETFs fell by about 90%.

Shifts in funds were also confirmed in its portfolio of crypto-related stocks outside ETFs. Goldman Sachs increased its holdings of Circle, Galaxy Digital and Coinbase, while cutting its positions in Strategy, IREN, Bit Digital and Riot. Based on 13F comparison data, it showed a flow of funds moving into shares of crypto infrastructure and service companies.

This adjustment can be summarized as Goldman Sachs rapidly reducing exposure to altcoin spot ETFs while keeping a large bitcoin spot ETF position and repositioning ethereum around staking products. With its increased weighting toward exchanges and service companies also confirmed in crypto-related stocks, what products and business models institutional money will focus on has emerged as a point of interest.