XRP ETFs Extend 11-Day Inflow Streak as Goldman Leads Holdings
Goldman Sachs ranked as the largest disclosed institutional holder at the end of the second quarter, with about USD 87.4 million in XRP ETF exposure. Bloomberg Intelligence compiled the figures from 13F filings.
Jane Street followed with USD 16.6 million, while Millennium Management reported USD 16.2 million. Investment advisers held about USD 120 million of the USD 183 million disclosed across all reported categories.
Advisers also drove most of the quarterly increase. Their holdings rose by about USD 90 million, compared with a USD 103 million increase across all categories. Hedge funds held USD 25 million, brokerages USD 17 million, and banks about USD 14 million.
Large investment managers file 13F reports each quarter to disclose many US-listed stocks and funds in their portfolios. Still, those filings do not reveal whether managers hedge their positions elsewhere.
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Goldman’s position therefore does not necessarily represent a long-term directional bet on XRP. Market-making, basis trading, and client orders from wealth management accounts may have contributed to its reported holdings. The institutional data and the latest inflow streak also cover different periods. The 13F filings show holdings on June 30, while the current XRP ETF inflow run began about two months later.
Furthermore, the filings show gross ETF positions rather than each firm’s complete XRP exposure. Goldman, Jane Street, and Millennium can hold ETF shares while hedging price risk through futures or other instruments.
CoinDesk drew a similar distinction around Goldman’s bitcoin ETF holdings in 2025. More than USD 1.5 billion in disclosed spot ETF exposure then existed alongside substantial put positions and other trades. The next 13F round will arrive in November. Those disclosures will show whether the firms reported as holders at the end of June still held XRP ETF positions during the following quarter.