Goldman Sachs Sells Out of XRP, Solana ETFs in First Quarter, Trims Bitcoin Holdings
Summary
- Goldman Sachs sold all of its XRP ETFs and Solana ETFs in the first quarter and also reduced its Bitcoin ETF and Ethereum ETF holdings.
- Goldman Sachs cut its positions in IBIT, FBTC and ETHA, in what Cointelegraph said reflected a cautious approach to the new altcoin ETF market.
- Goldman Sachs increased its stock holdings tied to the crypto sector, including Circle (CRCL), Galaxy Digital (GLXY) and Coinbase (COIN), while reducing exposure to mining and infrastructure companies.
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Goldman Sachs cut its cryptocurrency ETF exposure in the first quarter. The Wall Street bank sold out of ETFs tied to XRP and Solana, while also trimming its Bitcoin and Ethereum fund holdings.
Cointelegraph reported on May 18 that Goldman Sachs’ first-quarter 13F filing with the US Securities and Exchange Commission showed no holdings in XRP-related ETFs.
In its fourth-quarter filing last year, Goldman Sachs disclosed about $154 million of XRP ETFs from Bitwise, Franklin Templeton, Grayscale and 21Shares.
The bank also appears to have exited its Solana ETF positions. Goldman Sachs had previously invested in the Grayscale Solana Trust ETF, Bitwise Solana Staking ETF and Fidelity Solana Fund.
Cointelegraph said the sales showed a cautious institutional approach to the nascent altcoin ETF market, as XRP and Solana ETFs were newly launched products at the end of last year.
Goldman Sachs maintained its Bitcoin and Ethereum ETF holdings, though at reduced levels. It held about $690 million in BlackRock’s iShares Bitcoin Trust, or IBIT, and about $25 million in Fidelity Wise Origin Bitcoin Fund, or FBTC. Both positions were down about 10% from the previous quarter.
The bank also cut its Ethereum ETF exposure. Its holding in iShares Ethereum Trust, or ETHA, fell about 70%, leaving a position worth about $114 million.
By contrast, Goldman Sachs increased some of its crypto-related stock holdings. It boosted its stake in stablecoin company Circle, ticker CRCL, by 249% and expanded its investment in Galaxy Digital, ticker GLXY, by 205%. It also bought additional shares of Coinbase, Robinhood and PayPal.
The bank reduced exposure to mining and infrastructure companies including BitMine Immersion Technologies, Bit Digital and Riot Platforms. Its investments in Strategy and IREN also declined.
