Goldman Sachs has completely eliminated its exposure to U.S. spot XRP exchange-traded funds, according to a newly filed quarterly 13F disclosure submitted to the Securities and Exchange Commission.
The Wall Street institution closed a position valued at approximately $154 million, which had previously been spread across funds managed by Bitwise, Grayscale, Franklin Templeton, and 21Shares. The exit was completed during the first quarter of 2026.
Despite the departure of such a significant holder, U.S. spot XRP ETFs have continued to attract steady inflows throughout April and May, demonstrating the sector's resilience and its ability to absorb the withdrawal without disruption to XRP's price.
According to the latest data from SoSoValue, net inflows into XRP ETFs reached $60.49 million over the past week alone, including $10.87 million on the most recent reporting day. Since the start of April, total net inflows have climbed to $176.3 million. Combined assets under management across the funds have reached $1.18 billion, representing 1.33% of XRP's total market capitalization, with the token trading at $1.43.
Analysts note that the stability of organic demand allowed Goldman Sachs to exit the trade without causing meaningful damage to XRP's price action, suggesting the bank's original position was largely technical rather than a long-term strategic bet on the asset.
Inside Goldman Sachs' Broader Crypto Rebalance
The XRP liquidation was one component of a wider digital asset portfolio restructuring carried out by the bank during Q1 2026, as institutional capital rotated toward a new strategic direction:
Solana exit: Goldman Sachs fully closed all positions in SOL ETFs.
Ethereum reduction: Exposure to spot Ethereum ETFs was cut by 70%, bringing the remaining allocation down to $114 million.
Bitcoin commitment maintained: The bank retained its flagship crypto allocation, continuing to hold more than $700 million in Bitcoin ETFs.
Hyperliquid entry: Freed-up capital was redirected into crypto infrastructure equities, with the bank initiating a new position of 654,630 shares in Hyperliquid Strategies Inc. (PURR), valued at approximately $3.33 million. The entity itself holds around 20 million HYPE tokens.
The rebalancing reflects a broader shift in Wall Street's approach to digital assets. Rather than absorbing the direct regulatory and network risks associated with "pure" spot altcoins, major institutions appear increasingly inclined to gain crypto exposure through infrastructure-linked equities and corporate securities.
Meanwhile, XRP ETFs continue to demonstrate that the sector has matured beyond dependence on any single institutional player, with organic capital flows filling the gap left by Goldman Sachs' departure.
Why it matters
XRP ETFs absorbed a $154 million institutional exit without a disruption to price or inflows, indicating that the sector's capital base has broadened beyond reliance on any single large holder.
Goldman Sachs retained its Bitcoin ETF allocation while closing or reducing every altcoin position, a pattern observable in the 13F filing that distinguishes how the bank treated Bitcoin versus other digital assets in this rebalancing cycle.
Rather than adding a new spot ETF position, the bank initiated exposure through an equity holding in a crypto-infrastructure company, reflecting a preference for equity instruments over direct spot crypto ETFs in this instance.
