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Goldman Sachs was the largest disclosed institutional holder of spot XRP ETFs as of Dec. 31, 2025, according to Bloomberg Intelligence data shared by ETF analyst James Seyffart, offering one of the clearest snapshots yet of who was buying into the products during their first months on the market.
The filing data also underscores a more surprising point: XRP ETF demand appears to have stayed intact even as the token suffered a sharp post-launch decline. “The XRP ETFs have actually held up pretty well despite the massive pullback in price,” Seyffart wrote on X. “They’ve taken in a cumulative $1.4 billion since launch.”
That resilience matters because the products were launched into a difficult tape rather than a clean risk-on stretch. A Bloomberg Intelligence chart shared by Seyffart showed cumulative XRP ETF flows rising from about $150 million on Nov. 13, 2025, to $1.44 billion by March 4, 2026, with the steepest increase coming in the weeks after mid-November.
Who Is Buying The Spot XRP ETFs?
Who exactly was behind those flows is harder to pin down. As Seyffart noted, “We only know a small portion of them because the vast majority don’t file 13Fs. But here are the holders as of 12/31/2025.” That caveat is important. 13F disclosures only capture a slice of the market, meaning the list reflects disclosed institutional positioning rather than the full ownership base.
Still, the disclosed holders offer a revealing hierarchy. Goldman Sachs topped the list with $153.8 million of XRP ETF exposure, equal to 83.6 million XRP. Millennium Management followed at $23.1 million, or 12.5 million XRP. Logan Stone Capital, Citadel Advisors and Jain Global rounded out the upper tier, each 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 registered advisory firms.
The broader ownership mix, however, suggests XRP ETFs were not primarily an institutional story in the way some other spot crypto products have been. Bloomberg Intelligence’s cross-asset comparison showed XRP ETFs with 83 disclosed 13F holders and $1.342 billion in assets under management, but only 15.9% of that AUM was tied to 13F filings. That stands in sharp contrast to Solana ETFs, where 48.8% of AUM came from 13F filers, and even to Bitcoin and Ethereum at 24.1% and 27.2%, respectively.
Seyffart made the point directly, saying the four spot crypto ETF groups show different buyer profiles and that “SOL & XRP are by far the newest but XRP ETFs are heavily driven by retail demand.”
Eric Balchunas, Seyffart’s colleague at Bloomberg Intelligence, framed the flow picture in behavioral terms. “Like Solana this is really impressive given these launched into a brutal 45% drawdown,” he wrote. “Traditionally, inflows are near imposs for ETF having a reverse shiny object moment, and esp if they are brand new. My guess is this is largely XRP super fans vs casual retail.”
That interpretation fits the numbers. XRP ETFs had slightly more disclosed 13F holders than Solana ETFs, 83 versus 85, but a far smaller institutional share of assets. In other words, institutions showed up, and Goldman showed up in size, but the backbone of the flow story appears to have been retail conviction rather than traditional allocators building large disclosed positions.
At press time, XRP traded at $1.38.
Featured image created with DALL.E, chart from TradingView.com
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