Goldman Sachs exits Solana and Ripple ETFs, opens stake in Hyperliquid token

Goldman Sachs pulled out of two of crypto’s newest altcoin ETF trades in the first quarter of 2026, dropping both Solana- and XRP-linked funds from its books even as it opened a new stake in Hyperliquid’s HYPE token. For traders, portfolio managers, and digital-assets teams inside a major bank, the message is not that Goldman is leaving crypto. It is that the firm appears to be drawing a harder line between the kinds of exposure it will keep and the kinds it will shed.

The bank’s Form 13F filed with the U.S. Securities and Exchange Commission after the March 31 quarter-end showed no XRP-linked ETF holdings and no Solana-linked ETF holdings. That marked a sharp reversal from the end of 2025, when Goldman held about $153.8 million in spot XRP ETF shares and was, according to Bloomberg Intelligence analyst James Seyffart, the largest disclosed institutional holder of spot XRP ETF shares in the United States. The filing also showed Goldman trimming its Ethereum ETF holdings by about 70 percent while keeping a large Bitcoin ETF position, reported at roughly $690 million to $715 million.

The timing matters. Spot Solana ETFs began trading in late October 2025, with additional funds rolling out in November, and the first spot XRP ETFs hit the market in mid-November 2025. Goldman’s exit came only months after those products were launched, suggesting the bank was willing to test newer altcoin wrappers but not willing to sit with them for long. Coverage of the filing said Goldman’s Solana exposure had previously run through products tied to Grayscale, Bitwise, and Fidelity.

That makes the HYPE position stand out even more. Hyperliquid is a decentralized perpetuals exchange, and HYPE is its native token. Bitwise Asset Management launched the Bitwise Hyperliquid ETF, BHYP, on May 15, 2026, and said it would stake the fund’s HYPE holdings. In a market where banks and asset managers are still trying to define which crypto assets look investable rather than merely tradable, Goldman’s move reads like a refinement of risk appetite rather than a retreat.

For employees across Goldman’s trading, asset management, and digital-assets coverage, the signal is practical. Bitcoin remains the core institutional crypto allocation. Ether still has a place, though a smaller one than before. Altcoin ETFs tied to Solana and XRP, despite their rapid launch cycle, may be harder to defend inside a large bank if the liquidity story, client demand, or internal risk committees do not stay compelling. Form 13F disclosures are only a quarter-end snapshot of certain long U.S. securities, so they do not show every position Goldman held. But they do show where the firm was comfortable standing at the end of March, and where it chose not to stand at all.