On March 26, 2026, Goldman Sachs released a tactical research note suggesting that the prolonged correction in digital assets may finally be reaching its floor. According to lead analyst James Yaro, the 46% decline in crypto-linked equities since October 2025 has created “increasingly attractive” valuations for long-term investors. Goldman’s shift in tone follows a period of “volatile but flattish” performance for Bitcoin, which has found a strong support zone between 60,000 and 75,000 dollars throughout the first quarter. The bank points to a significant reduction in “forced selling” from both ETFs and large institutional holders as a primary catalyst for this stabilization. Despite a hawkish Federal Reserve and geopolitical uncertainty, Goldman argues that the market has successfully absorbed the post-2025 “euphoria” and is now entering a constructive phase of consolidation. This “bottoming thesis” is further supported by the bank’s own 13F filings, which reveal nearly 2.36 billion dollars in total exposure to Bitcoin and Ethereum ETFs as of late 2025.
Upgrading Coinbase and Figure Technologies to “Buy”
As part of its broader market call, Goldman Sachs has issued a series of upgrades for the primary gateways of the digital asset economy. Most notably, the bank has maintained a “Buy” rating on Coinbase Global, setting a new price target of 235 dollars despite a recent quarterly earnings miss. Goldman believes that Coinbase’s resilient retail trading activity and its successful launch of compliant institutional products—such as its new “Base” chain derivatives—position it as a prime beneficiary of the next market cycle. Additionally, the bank raised its price target for Figure Technologies to 42 dollars, citing the explosive growth of its blockchain-based home equity line of credit (HELOC) business. Goldman’s analysts emphasize that while trading volumes remain below their 2025 peaks, the “structural stability” of the current market is much higher than in previous cycles. The firm expects a median three-month “trough period” for revenue before a broader recovery in the second half of 2026, as institutional capital begins to reallocate toward the “hardened” regulatory winners of the post-GENIUS Act era.
Reallocating into XRP and the Return of Institutional Confidence
The March 26 report also shed light on Goldman’s recent tactical shifts within its own digital asset portfolio. Recent SEC filings show that the bank has become the largest institutional holder of U.S.-based XRP ETFs, disclosing a 152 million dollar position across four different funds. This move occurred alongside a 40% reduction in the bank’s spot Bitcoin ETF holdings, suggesting a deliberate reallocation toward “high-utility” assets that are seeing increased adoption in cross-border payment rails. While this institutional buying has yet to trigger a major rally in XRP spot prices, Goldman’s commitment is viewed as a significant vote of confidence in the asset’s long-term regulatory clarity. For the 2026 participant, Goldman Sachs’ signal is a clear indicator that the “capitulation phase” is likely behind us. As David Solomon and other Wall Street leaders publicly soften their stance on the asset class, the focus is shifting away from speculative volatility toward the functional integration of digital commodities into the core global financial infrastructure.
