Goldman Sachs Group Inc. (NYSE: GS) trimmed its positions in Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) by more than $1 billion in the first quarter of 2026, but increased its exposure in Hyperliquid (HYPE).

These findings are according to the bank’s Form 13F filing with the United States Securities and Exchange Commission (SEC), analyzed by Finbold on May 20. Notably, Goldman Sachs fully exited its XRP holdings of about $152 million, as Finbold explained.

The bank trimmed its Ethereum holdings by over $904 million, a 88% decline, between the fourth quarter of 2025 and the end of the first quarter of 2026. As such, Goldman Sachs reported around $117.6 million in ETH by the end of Q1 2026.

Similarly, the investment bank reduced its Bitcoin exposure to $716.2 million quarter over quarter, representing a contraction of approximately 33%.

The bank liquidated its Solana holdings in full during the first quarter, as Finbold reported. As such, the bank sold about $1.51 billion in crypto during the first three months of 2026.

However, the holding company opened a new $3.3 million position in Hyperliquid Strategies (NASDAQ: PURR), a digital asset treasury company that accumulates Hyperliquid (HYPE).

Why is Goldman Sachs loading up HYPE?

The demand for HYPE among institutional investors has grown in recent months, driven by rising interest in decentralized trading of crypto perpetuals. Furthermore, Hyperliquid has dominated the current fee market with a 43% share, which represents around $11 million per week, according to data from DeFiLlama.

As such, HYPE price has outshined other top crypto assets year to date (YTD) despite the overall bearish sentiment.

The token has surged by more than 100% YTD, trading at about $51.04 at the time of publication.