Banking giant Goldman Sachs Group, Inc. has made significant changes to its cryptocurrency exchange-traded fund (ETF) holdings in the first quarter, as revealed in its latest 13F filing. The firm liquidated all of its positions in Solana and XRP ETFs, divesting from various investment products that it had only recently acquired.
The strategic withdrawal includes a total liquidation of holdings in multiple XRP ETFs such as the Bitwise XRP ETF, Franklin XRP ETF, 21Shares XRP ETF, and Grayscale XRP Trust ETF. Goldman Sachs had just entered these positions in the preceding quarter, indicating a quick shift in its investment strategy regarding these cryptocurrencies.
Similarly, the firm has completely sold off its holdings in a range of Solana-focused investment vehicles, including the Bitwise Solana Staking ETF, Fidelity Solana Fund, Grayscale Solana Trust ETF, VanEck Solana ETF, Franklin Solana ETF, and the 21Shares Solana ETF. This move marks a decisive exit from the altcoin space for Goldman Sachs, a trend echoed by its substantial reduction in Bitcoin and Ethereum exposure.
While Goldman Sachs has maintained a presence in Bitcoin and Ethereum, it has reduced its stakes significantly. As of March 31, the bank reported holding nearly 18 million shares of the iShares Bitcoin Trust ETF, a decrease from over 20 million shares in the previous quarter. This remaining stake is valued at approximately $690.98 million based on the ETF’s price as of the reporting date.
The firm’s position in the Fidelity Wise Origin Bitcoin Fund also saw a decrease, dropping from around 470,000 shares to approximately 426,000 shares, valued at about $25.17 million. Goldman Sachs has likewise decreased its stake in the iShares Ethereum Trust ETF by nearly 70%, leaving it with an investment worth around $114.19 million. In a notable shift, it opened a new position in the iShares Staked Ethereum Trust ETF, worth around $66.89 million.
As of the end of March, Goldman Sachs’ cryptocurrency ETF holdings stand at $716.15 million in Bitcoin and $181.08 million in Ethereum, while both Solana and XRP are now absent from its portfolio.
In the aftermath of these announcements, Goldman Sachs’ shares experienced a 0.25% decline in after-hours trading, following a 0.22% drop during regular trading sessions. Despite this slight downturn, the stock has seen a year-to-date gain of 7.66%. Analysts have noted that Goldman Sachs maintains a strong price trend across various time frames, indicating a favorable position in the market according to Benzinga’s Edge Stock Rankings.
