Goldman Sachs (NYSE: $GS) cut its reported exposure to XRP (CRYPTO: $XRP) and Solana (CRYPTO: $SOL) exchange-traded products in the first quarter, while adding a smaller position tied to one of the year’s fastest-growing onchain trading stories.
The bank’s latest 13F filing showed no XRP-linked ETF holdings after it reported nearly $154 million in XRP-related products at the end of 2025. Goldman also no longer listed Solana-linked positions, including products tied to Grayscale, Bitwise and Fidelity, according to the filing.
Because 13F filings only show certain long U.S. securities held at quarter-end, the disclosure does not capture Goldman’s current positioning. Even so, the pullback is notable after the bank emerged as one of the more visible Wall Street holders of newly launched altcoin ETF products.
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Bitcoin exposure remained much larger. Goldman continued to hold about $690 million of BlackRock’s iShares Bitcoin Trust and roughly $25 million of Fidelity’s Wise Origin Bitcoin Fund, even after trimming both positions by about 10%. Its iShares Ethereum Trust stake fell more sharply, down about 70% to roughly $114 million.
The more notable addition was Hyperliquid Strategies Inc., (NASDAQ: $PURR) a Nasdaq-listed digital asset treasury company focused on the Hyperliquid ecosystem. Goldman acquired about 654,630 shares of the company, valued at nearly $3.3 million, giving it indirect exposure to HYPE (CRYPTO: $HYPE) through a public-market wrapper rather than a direct altcoin ETF.
The timing lines up with a broader push to package Hyperliquid for traditional investors. Bitwise launched its spot Hyperliquid ETF, BHYP, on the New York Stock Exchange last week, saying Hyperliquid processed $2.9 trillion in trading volume in 2025 and held about 60% of global onchain derivatives open interest.
For Goldman, the filing shows a cleaner split: less early altcoin ETF exposure, but continued interest in crypto vehicles that sit closer to trading infrastructure.
Hyperliquid Strategies Inc. (NASDAQ: PURR) is trading at $6.84 U.S. per share, while Hyperliquid (CRYPTO: HYPE) is currently trading at $44.91 U.S. per digital token.
