Q1 2026 Institutional 13F Filings Show Notable Pullback from Altcoins
Recent 13F filings reveal that several major institutions significantly reduced or fully exited positions in certain cryptocurrency ETFs during the first quarter of 2026.
Goldman Sachs completely liquidated its XRP and Solana ETF holdings. These positions had been built up to roughly 154 million dollars in XRP ETFs alone by the end of 2025 (across Bitwise XRP ETF, Franklin Templeton XRP Trust, Grayscale XRP Trust, and 21Shares XRP ETF), making it one of the largest reported institutional holders at the time. The firm also fully exited its Solana ETF positions (previously over 100 million dollars) and cut its Ethereum ETF exposure by about 70 percent (leaving roughly 114 million dollars remaining, primarily in BlackRock iShares Ethereum Trust).
Harvard Management Company fully exited its entire 86.8 million dollar position in the BlackRock iShares Ethereum Trust. It also reduced its BlackRock iShares Bitcoin Trust holdings by 43 percent, trimming from a larger prior position down to approximately 117 million dollars remaining.
Jane Street Capital made significant cuts to its Bitcoin ETF holdings, including a 71 percent reduction in BlackRock iShares Bitcoin Trust and a 60 percent reduction in Fidelity Wise Origin Bitcoin Fund, along with a 78 percent cut to its MicroStrategy equity position. Citadel Advisors trimmed several crypto ETF exposures as part of broader portfolio adjustments.
This reversal stands out because many of these positions, particularly in XRP ETFs, represented relatively new institutional entries following ETF launches in late 2025. The sharp exits within just one quarter suggest an industry shift for these assets among large prime brokers and endowments.
Meanwhile, Goldman Sachs increased its equity stake in Circle, the issuer of the USDC stablecoin, by 249 percent. This massive capital allocation aligns perfectly with the growing institutional focus on stablecoin infrastructure and regulated settlement networks. Just weeks after Visa officially joined the privacy preserving Canton Network as a Super Validator, the global payments giant announced their stablecoin settlement pilot had exploded by 50 percent in a single quarter. Visa is now processing a 7 billion dollar annualized run rate, heavily utilizing the exact same Circle infrastructure that Goldman Sachs is actively buying.
The data points to institutions selectively moving away from more volatile altcoins like XRP, Solana, and parts of Ethereum toward infrastructure plays that support digital payments and compliant settlement.
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