Goldman Sachs is the largest institutional holder of spot XRP ETFs. The Bloomberg Intelligence review of the Q2 2026 13F filings shows USD 87.4 million in exposure for the US bank, ahead of Jane Street Group and Millennium Management.
A 13F filing is first of all a quarterly disclosure to the US regulator SEC. Asset managers with at least USD 100 million in reportable US securities list their long positions at quarter end. Spot XRP ETFs are funds that hold XRP physically and track its price. As a result, investors gain XRP exposure through a regulated exchange product, without having to custody tokens themselves. Originally, the first US products of this kind launched in November 2025. James Seyffart, senior research analyst at Bloomberg Intelligence, analyzed the current filings. Previously, the analyst gained recognition mainly for his forecasts on the US spot Bitcoin ETF approvals. In the second quarter alone, Goldman Sachs expanded the position by roughly 83.2 million XRP tokens. That is the largest increase among all recorded holders. Cumulative net inflows into spot XRP ETFs have reached around USD 1.8 billion since the market launched.
Goldman Sachs returns with USD 87 million in XRP ETFs
Bloomberg Intelligence puts the Goldman Sachs position at USD 87,449,929 as of the end of June 2026. Behind that figure sit roughly 84 million XRP tokens. By contrast, Jane Street Group follows at only USD 16.6 million, Millennium Management at USD 16.2 million. The US bank thus holds more than five times the second-largest reported position. The list counts 30 reportable holders. Yet smaller asset managers below the reporting threshold do not appear in it.
The position emerged within a single quarter. Previously, the institution had cut its XRP ETF holdings almost entirely in the Q1 2026 filing. At the same time, it exited Solana ETFs. In the second quarter, a good 83 million XRP tokens came in. That was by far the largest increase among all listed holders. On a token basis, the build-up exceeds two and a half times the combined Jane Street and Millennium Management holdings. Meanwhile, XRP came under pressure. In June, the price fell from around USD 1.30 to its lowest level since the end of 2024. The quarter closed at about USD 1.04. So the build-up landed in a weak phase for the token.
Overall, the exposure spreads across five spot XRP ETFs. The Bitwise XRP ETF accounts for roughly USD 25.8 million, Franklin Templeton's XRPZ for about USD 25.4 million. Together the two funds make up a good half of the reported position. In addition, the bank holds stakes in products from Grayscale and 21Shares. On top of that comes a new position in the Canary Capital ETF XRPC. Consequently, no clear focus on a single issuer emerges.
A 13F filing shows holdings, not buying intent
These figures, however, carry only limited weight. A 13F filing captures long positions in reportable US securities and nothing else. Shorts, derivative positions and hedges stay out. Moreover, the form does not distinguish between proprietary trading, client activity, market making and actual investment intent. A large bank can hold an ETF position because a client asked for it. Such a holding can equally arise as an offset to a swap or out of the trading book. The counterparty to such a position also remains invisible. Who bears the economic risk in the end remains unclear. Ultimately, no conclusion about investment conviction follows from these numbers.
Then there is the time lag. The SEC grants filers 45 days after the quarter ends. For the quarter closed at the end of June, the deadline ran to mid-August 2026. So by publication the holdings are already several weeks old. Whether the bank later held, expanded or unwound the position does not emerge from the filing. The timing of the build-up is also missing. A position may date from April, or just as easily from the final trading days of the quarter. The filing describes a single cut-off date, not a path.
Investment advisors are the largest XRP ETF buyers
By holder category, a different picture emerges. Investment advisors, meaning registered advisory firms, lead the analysis with USD 120 million. The group holds roughly 116 million XRP tokens. Over the quarter, its holdings grew by a good 90 million tokens. That marks the largest increase of any category. The category covers asset managers that steer portfolios on behalf of clients, from small advisory firms to bank units. Bloomberg Intelligence further sorts the 30 filers by type, from banks to hedge funds to trading houses. The advisor group thus sits well above any single position of an individual firm.
Most of the remaining top holders come from the trading business. Jane Street and IMC are quantitative trading firms, Flow Traders specializes in ETP market making. Millennium Management and Citadel Advisors instead rank among the large multi-strategy hedge funds. Millennium was at times the largest hedge fund holder of the Bitcoin ETF IBIT. Susquehanna and Parallax Volatility Advisers mainly trade options and volatility. Wolverine Asset Management likewise runs market making and proprietary trading. These firms quote bid and ask prices on exchanges continuously. Their holdings arise from ongoing trading. A large 13F entry therefore does not mean that a firm is betting on rising prices.
Such holdings rarely reflect a directional bet. Liquidity provision, arbitrage inventory or hedges that unwind within days are the norm. The position then follows demand in the order book, not a view on the price. A market maker can hold an ETF share and hedge the price risk in futures at the same time. Investment advisors, however, allocate for client portfolios, often through model portfolios with a multi-year horizon. Such allocations therefore change less often than trading inventory. In spot Bitcoin ETFs, this group is by now the largest institutional holder category.
