Goldman Sachs (GS) made significant adjustments to its crypto asset portfolio in the first quarter of 2026, sending one of the clearest institutional signals to date. According to its 13F filing submitted as of March 31, the bank has completely liquidated its holdings in XRP (XRP) and Solana (SOL) exchange-traded funds (ETFs), while reducing its Ethereum (ETH) ETF holdings by approximately 70%. In addition, Goldman Sachs is increasing its position in Hyperliquid (HYPE). Hyperliquid is a decentralized exchange focused on crypto derivatives trading.
This adjustment is not a random reduction but reflects a shift in the crypto industry narrative: Ethereum, Solana, and XRP, once favored by institutions, are gradually falling out of favor, being replaced by emerging protocols that offer stronger value-capture mechanisms for holders.
Just in the previous quarter (Q4 2025), Goldman Sachs was one of the largest known institutional holders of U.S. spot XRP ETFs, with holdings valued at $154 million, while also holding approximately $108 million in Solana ETFs. By March 31, those positions had been largely or completely emptied. Currently, its Ethereum ETF allocation stands at just $114 million, a significant decline. Additionally, Goldman Sachs reduced its Bitcoin holdings by about 10%, now valued at approximately $700 million. This series of substantial reductions in mainstream crypto assets suggests that Goldman Sachs is not particularly optimistic about their growth prospects.
Meanwhile, the filing discloses that Goldman Sachs purchased 654,630 shares of Hyperliquid Strategies, with a position valued at $3.3 million—far smaller than the scale of its reductions. It is reported that as of the end of April, the firm held approximately 20 million HYPE tokens, giving Goldman Sachs relatively direct exposure to Hyperliquid.
Although the $3.3 million position is almost negligible for Goldman Sachs, which manages trillions of dollars in assets, this move still reveals the potential direction of institutional interest. Hyperliquid’s model provides a concrete answer to crypto asset valuation: approximately 99% of the trading fees generated by the exchange are used to buy back its native token, creating sustained buying pressure that intensifies as platform activity increases. To date, the protocol has deployed over $1.2 billion in buybacks, and its buyback mechanism already has a proven track record. The direct link between platform usage and token scarcity (and thus price) constitutes an economic model that traditional financial institutions can evaluate with relative confidence—its core metrics are transparent, easy to understand, and trending positively. Goldman Sachs’ purchase also coincides with the launch of the first spot Hyperliquid ETF in mid-May, which could add further buying pressure on the token price.
Nevertheless, risks remain significant, which explains why Goldman Sachs has maintained only a small exposure. Centralized crypto exchanges are seeking regulatory approval to offer financial derivatives similar to Hyperliquid’s, which could weaken Hyperliquid’s current dominance in the decentralized derivatives space.
