- Goldman Sachs is the largest reported holder of US spot XRP ETFs as of December 31, 2025, according to 13F data.
- Despite the sharp decline in XRP price, the cumulative inflows add up to around $1.44 billion.
Goldman Sachs is the largest reported institutional holder of US spot XRP ETFs, according to the latest 13F data. Bloomberg Intelligence published by Bloomberg ETF analyst James SeyffartData show that the bank held $153.8 million in XRP ETF exposure as of December 31, 2025, equivalent to 83.6 million XRP.
This makes Goldman the largest disclosed 13F holder of US spot XRP ETFs. Seyffart emphasized on X that the XRP ETFs are a positive surprise:
“The XRP ETFs have actually held up pretty well despite the massive price drop. They have raised a cumulative $1.4 billion since their launch.”
Who is buying the spot XRP ETFs?
The chart he shared shows cumulative inflows as of March 4, 2026 at $1.44 billion. For comparison: in the initial phase, on November 13, 2025, they were around $150 million. The steepest increase in inflows occurred from mid-November last year.
The total of six spot ETFs have a total of $1.342 billion in assets under management as of December 31, 2025. This corresponds to 1.6 percent of the XRP market capitalization.
Following Goldman in the 13F data are Millennium Management with $23.1 million in XRP ETF exposure and Logan Stone Capital with $5.3 million. Also among the larger reported holders: Citadel Advisors, Jain Global, Marex Group and Jane Street.
The list shows that well-known names are involved, although on a much smaller scale than Goldman. At the same time, Seyffart made it clear that this data only shows a section:
“Who are these buyers or holders? Well, we only know a small portion of them because the overwhelming majority do not file 13F reports. But here are the holders as of December 31, 2025.”
In Seyffart’s comparison of the four largest spot crypto ETFs, Bitcoin has 2,338 reported 13F holders, Ethereum has 938, Solana has 85 and
Bloomberg’s ETF expert Eric Balchunas interpreted this as an indication of a different investor structure:
“Like Solana, this is really impressive considering these products have entered a brutal 45 percent decline. Normally, ETF inflows in such a reverse shiny object phase are almost impossible, especially when the products are brand new. My guess is that this is driven primarily by XRP superfans and not casual retail investors.”
The contrast with Solana is striking. Balchunas had already pointed out there on Monday that around 50 percent of the ETF assets come from 13F reports and thus, in his view, indicate a “serious investor base”. Goldman Sachs also appears prominently in the Solana data, as the second-largest 13F holder with $107.4 million.
For the time being, a double signal remains for XRP: the ETFs continue to attract capital, even in a difficult market environment. At the same time, the data available so far speaks more for retail-driven demand than for a broadly established institutional buyer base.
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