Public filings reviewed by Bloomberg Intelligence show Goldman Sachs as the largest disclosed institutional holder of spot XRP exchange-traded funds, underscoring a growing willingness among traditional finance firms to access crypto exposure through regulated products. The filings do not capture the full holder base, but they offer one of the clearest available snapshots of who is buying XRP ETFs and in what size.
Goldman Sachs Leads Reported XRP ETF Holders
Goldman Sachs reported $153.8 million in exposure to spot XRP ETFs as of Dec. 31, 2025, according to data shared by Bloomberg ETF analyst James Seyffart on X. That put the bank well ahead of Millennium Management, the next-largest disclosed holder at $23.1 million. Logan Stone Capital, Citadel Advisors, and Jain Global followed with reported positions of $5.3 million, $4.5 million, and $3.4 million, respectively.
The gap between first and second place is large. Based on the figures cited by Seyffart, Goldman’s disclosed XRP ETF exposure was roughly 6.7 times larger than Millennium’s. After the top two, the list falls off quickly, with most other reported holders showing single-digit million-dollar allocations or less. That leaves Goldman with an outsized lead among the institutions currently visible in 13F data.
Seyffart also cautioned that the public filings show only a partial picture. “We only know a small portion of them because the vast majority don’t file 13Fs,” he wrote on X. In practice, that means the reported ownership data is useful as a snapshot of disclosed institutional positioning, but not as a full accounting of total demand across the XRP ETF market.
Filings Show Rising Wall Street Interest in XRP
The ownership data lands alongside broader signs of traction in XRP-linked funds. Bloomberg Intelligence’s snapshot cited six spot XRP ETFs with a combined $1.342 billion in assets under management, making XRP the fourth-largest crypto ETF category behind Bitcoin, Ethereum, and Solana. The same data showed 83 13F holders and indicated that 15.9% of XRP ETF assets were represented in those filings. ETF assets equaled about 1.6% of XRP’s market capitalization, according to the figures shared.
Flow data points to steady demand even during a difficult stretch for the underlying asset. Seyffart said XRP ETFs had “held up pretty well despite the massive pullback in price” and had taken in a cumulative $1.4 billion since launch. A cumulative flow chart he shared showed assets rising from roughly $0.15 billion on Nov. 13, 2025 to $1.44 billion by March 4, 2026, with the steepest increase coming from mid-November through late December before continuing higher at a slower pace into early 2026.
Eric Balchunas, also of Bloomberg Intelligence, described those inflows as unusual given market conditions. Writing on X, he said products such as the XRP and Solana ETFs launched into a “brutal” drawdown, a setup that has historically made sustained ETF inflows difficult.
Balchunas said his view was that XRP demand appeared to be “largely XRP super fans vs casual retail,” while Seyffart wrote that XRP ETFs were “heavily driven by retail demand.” Those characterizations are analytical judgments rather than filing data, but they help frame why Goldman’s lead position stands out: even in a market analysts see as retail-led, a major Wall Street firm now tops the list of disclosed institutional holders.
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