Goldman Sachs’ Q1 2026 13F Reveals a Major Shift in Its Crypto Strategy

Reports based on the filing indicate the bank still held approximately:

• $690 million in BlackRock’s iShares Bitcoin Trust (IBIT)
• About $25 million in Fidelity’s Wise Origin Bitcoin Fund (FBTC)

Both positions declined by roughly 10% compared with the previous quarter, reflecting a moderate reduction rather than a full-scale exit.

This suggests Bitcoin continues to serve as Goldman’s primary institutional crypto exposure, even as the bank reduces overall ETF risk.

Ethereum Exposure Was Cut Much More Aggressively

The bank’s changes to Ethereum exposure were far more dramatic. Market reports analyzing the filing indicate Ethereum ETF holdings were reduced by roughly 70% during the quarter.

Such a steep reduction stands out because Ethereum had previously been one of Goldman’s largest crypto allocations alongside Bitcoin. Earlier disclosures showed roughly $1 billion in Ethereum ETF exposure as of late 2025.

The Q1 adjustment indicates a clear reprioritization within the crypto asset stack, with Bitcoin remaining dominant while Ethereum and other altcoins take a smaller role in the firm’s ETF allocations.

Capital Rotated Into Crypto Infrastructure Companies

At the same time Goldman trimmed ETF exposure, the filing and related reports indicate increased positioning in public companies tied to the crypto ecosystem, including firms involved in trading infrastructure, brokerage, stablecoins, and payments.

Examples frequently cited in connection with the portfolio shift include:

• Circle (stablecoin infrastructure)
• Coinbase (crypto exchange and custody)
• Robinhood (retail brokerage with crypto trading)
• Galaxy Digital (digital asset financial services)
• PayPal (payments and stablecoin initiatives)

By allocating capital to these businesses, Goldman gains exposure to crypto market growth without relying entirely on token price movements. Revenue streams such as trading fees, custody services, stablecoin issuance, and payments infrastructure may provide more predictable economics than pure asset-price exposure.

Launching a Bitcoin Income ETF at the Same Time

Interestingly, Goldman’s pullback from certain crypto ETFs occurred alongside a push to expand its own crypto investment products.

In April 2026, the firm filed a prospectus with the SEC for the Goldman Sachs Bitcoin Premium Income ETF, a proposed fund designed to generate income while maintaining potential Bitcoin-linked upside.

According to the filing, the fund intends to invest at least 80% of its assets in Bitcoin-related investments, though the prospectus notes the registration statement is not yet final and the securities cannot be sold until it becomes effective.

The proposal highlights another dimension of Goldman’s strategy: manufacturing crypto investment products for clients, rather than simply holding large ETF allocations internally.

The Strategic Signal From the Filing

Taken together, the Q1 2026 13F suggests a clear evolution in Goldman Sachs’ approach to digital assets:

1. Reduced exposure to altcoin ETFs
The bank eliminated XRP and Solana ETF holdings entirely.

2. A stronger Bitcoin core
Bitcoin remains the dominant crypto position, even after modest reductions.

3. A major pullback from Ethereum ETF exposure
Ethereum holdings fell significantly relative to prior quarters.

4. More emphasis on crypto infrastructure
Capital shifted toward exchanges, payment networks, and stablecoin companies.

5. Continued product development
The proposed Bitcoin Premium Income ETF shows Goldman still sees demand for structured crypto investment products.

An Important Limitation of 13F Data

Form 13F filings provide only a partial snapshot of institutional portfolios. They disclose certain long U.S.-listed equity and ETF positions held at quarter‑end, but they do not reveal derivatives, short positions, private investments, or intra‑quarter trading activity.

As a result, Goldman’s filing offers strong evidence of how the bank publicly allocates capital in crypto-linked securities—but it does not capture the full scope of its digital asset exposure or trading strategies.

Even with that limitation, the Q1 2026 filing still signals a meaningful shift: less emphasis on altcoin ETF beta and greater focus on Bitcoin, crypto infrastructure companies, and product-driven exposure to the digital asset economy.