XRP ETFs See Goldman Sachs Emerge As Top Institutional Holder

Goldman Sachs was the biggest disclosed institutional holder of spot XRP ETFs as of Dec. 31, 2025, based on Bloomberg Intelligence information shared by ETF analyst James Seyffart, providing one of many clearest snapshots but of who was shopping for into the merchandise throughout their first months in the marketplace.

The submitting information additionally underscores a extra shocking level: XRP ETF demand seems to have stayed intact even because the token suffered a pointy post-launch decline. “The XRP ETFs have truly held up fairly nicely regardless of the huge pullback in worth,” Seyffart wrote on X. “They’ve taken in a cumulative $1.4 billion since launch.”

That resilience issues as a result of the merchandise have been launched right into a tough tape slightly than a clear risk-on stretch. A Bloomberg Intelligence chart shared by Seyffart confirmed cumulative XRP ETF flows rising from about $150 million on Nov. 13, 2025, to $1.44 billion by March 4, 2026, with the steepest enhance coming within the weeks after mid-November.

Who Is Buying The Spot XRP ETFs?

Who precisely was behind these flows is tougher to pin down. As Seyffart noted, “We solely know a small portion of them as a result of the overwhelming majority don’t file 13Fs. But listed below are the holders as of 12/31/2025.” That caveat is essential. 13F disclosures solely seize a slice of the market, which means the checklist displays disclosed institutional positioning slightly than the complete possession base.

Still, the disclosed holders provide a revealing hierarchy. Goldman Sachs topped the checklist with $153.8 million of XRP ETF publicity, equal to 83.6 million XRP. Millennium Management adopted at $23.1 million, or 12.5 million XRP. Logan Stone Capital, Citadel Advisors and Jain Global rounded out the higher tier, every with positions between roughly $4 million and $5.3 million. Other disclosed holders included Marex Group, Jane Street, DRW Securities, Flow Traders, Wedbush Securities and several other registered advisory corporations.

The broader possession combine, nonetheless, suggests XRP ETFs weren’t primarily an institutional story in the way in which another spot crypto merchandise have been. Bloomberg Intelligence’s cross-asset comparability confirmed XRP ETFs with 83 disclosed 13F holders and $1.342 billion in property below administration, however solely 15.9% of that AUM was tied to 13F filings. That stands in sharp distinction to Solana ETFs, the place 48.8% of AUM got here from 13F filers, and even to Bitcoin and Ethereum at 24.1% and 27.2%, respectively.

Seyffart made the purpose instantly, saying the 4 spot crypto ETF teams present completely different purchaser profiles and that “SOL & XRP are by far the most recent however XRP ETFs are closely pushed by retail demand.”

Eric Balchunas, Seyffart’s colleague at Bloomberg Intelligence, framed the move image in behavioral phrases. “Like Solana that is actually spectacular given these launched right into a brutal 45% drawdown,” he wrote. “Traditionally, inflows are close to imposs for ETF having a reverse shiny object second, and esp if they’re model new. My guess is that is largely XRP tremendous followers vs informal retail.”

That interpretation suits the numbers. XRP ETFs had barely extra disclosed 13F holders than Solana ETFs, 83 versus 85, however a much smaller institutional share of property. In different phrases, establishments confirmed up, and Goldman confirmed up in measurement, however the spine of the move story seems to have been retail conviction slightly than conventional allocators constructing giant disclosed positions.

At press time, XRP traded at $1.38.