Goldman Sachs leads $87M stake as XRP ETF inflows top $1.68B

U.S. spot XRP ETFs have now pulled in fresh cash for eleven straight trading sessions, a streak that has added roughly $170 million even as the token itself has slipped from its late-summer highs. The sustained run of XRP ETF inflows is drawing attention not just for its length, but for who is showing up in the paperwork behind it — with Goldman Sachs emerging as the biggest disclosed institutional name in the space.

Key takeaways

• U.S. spot XRP ETFs have logged eleven consecutive days of net inflows, adding about $170 million to the funds.
• Cumulative net inflows since the funds launched last November now stand near $1.68 billion, according to SoSoValue data.
• Franklin Templeton and Grayscale led the most recent single-day inflows, pulling in $6.63 million and $4.72 million respectively.
• Goldman Sachs was the largest disclosed institutional holder of XRP ETFs as of the second quarter, with about $87.4 million in exposure.
• XRP traded around $1.33, down from roughly $1.45 in late August, even as the ETFs kept attracting new money.

Sustained Inflows into U.S. Spot XRP ETFs

The current run of XRP ETF inflows stretches back eleven trading days and has added approximately $170 million to the funds’ coffers, according to data from SoSoValue. That’s a notable stretch of consistency for a token whose price has been anything but steady over the same window.

Cumulative net inflows since the products launched last November have now climbed to about $1.68 billion. For a relatively young category of crypto ETFs, that figure represents a meaningful base of investor commitment — even if it still trails far behind the scale seen in bitcoin-linked funds.

Recent Leading Fund Inflows and XRP Price Trends

Franklin Templeton and Grayscale have been driving the most recent gains, with Franklin Templeton’s XRP fund pulling in $6.63 million on a single Tuesday session and Grayscale following close behind with $4.72 million. Those two issuers have effectively carried the streak in its latest stretch, even as smaller funds contributed modest amounts of their own.

What makes the inflow pattern stand out is the price backdrop it’s happening against. XRP traded around $1.33 at the time of reporting, down from roughly $1.45 on Aug. 27. The token has cooled off from its late-August rally, yet money kept moving into the ETFs anyway — a divergence between price action and fund demand that suggests investors may be treating dips as entry points rather than exit signals.

Context matters here, too. For comparison, U.S. spot bitcoin funds took in $2.26 billion over just six sessions in late August alone — a single stretch that outpaced everything XRP’s ETFs have gathered since they began trading. That gap underscores how much smaller the XRP ETF market still is relative to its bitcoin counterpart, even as both categories see steady institutional interest.

Institutional Holdings and Market Dynamics

Regulatory filings known as 13F disclosures offer one of the only public windows into which professional firms are using the new XRP ETFs. According to data compiled by Bloomberg Intelligence, Goldman Sachs was the largest disclosed institutional holder of XRP ETFs at the end of the second quarter, with about $87.4 million in exposure. Jane Street followed with $16.6 million and Millennium Management with $16.2 million.

That size might look like a directional bet on XRP’s future, but the reality is likely more complicated. Large holdings of this kind can stem from market-making, basis trading, or simply facilitating client orders coming through wealth management accounts, rather than reflecting a unified corporate strategy to back the token. CoinDesk drew in 2025, Goldman’s bitcoin ETF holdings exceeded $1.5 billion, representing a comparable situation in disclosed spot exposure sat alongside substantial put positions and other offsetting trades — a reminder that gross ETF positions don’t necessarily equal net market risk.

Breaking down the disclosed institutional holdings further shows where the real weight sits. Investment advisers accounted for about $120 million of the $183 million total disclosed across filings, making them by far the largest category of reported holders. Hedge funds held roughly $25 million, brokerages about $17 million, and banks around $14 million. Advisers also drove most of the growth during the quarter, with their holdings rising by about $90 million out of a $103 million increase across all categories combined.

There’s an important timing gap worth flagging. The 13F filings only show positions as of June 30, while the current inflow streak reflects fresh money entering the funds in late August and early September — two entirely different windows measuring two different things. The filings answer who was holding XRP ETFs months ago; the inflow data answers who’s buying now. Whether Goldman, Jane Street, and Millennium are still sitting on similar positions won’t become clear until the next round of filings lands in November.

Why this distinction matters: institutional filings can create a misleading picture of conviction if read in isolation. A bank’s ETF position might reflect trading desk activity rather than a belief that XRP is headed higher, and without visibility into hedging strategies elsewhere, no filing tells the full story of net exposure. For investors watching institutional XRP investment trends, that nuance separates genuine demand signals from routine market-making noise.

FAQ

How much fresh money have U.S. spot XRP ETFs attracted recently?

They have gained approximately $170 million in net inflows over eleven consecutive trading days.

What is the cumulative inflow into XRP ETFs since their launch?

Since their launch last November, XRP ETFs have amassed about $1.68 billion in cumulative net inflows.

Who are the largest institutional holders of XRP ETFs according to recent 13F filings?

Goldman Sachs was the largest disclosed institutional holder with about $87.4 million in exposure as of the second quarter.

Do Goldman Sachs’ large ETF holdings represent a directional investment in XRP?

Not necessarily. These holdings might stem from market-making, basis trading, and client order facilitation rather than a unified investment strategy.

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Article produced with the assistance of artificial intelligence and reviewed by the editorial team.