Goldman, Jane Street Lead the List

Goldman Sachs Leads XRP ETF Holder Rankings

Institutional investors held $183.5 million across U.S. spot XRP exchange-traded funds (ETFs) at the end of the second quarter, according to charts shared by Bloomberg Intelligence ETF analyst James Seyffart on Aug. 31. The positions represented exposure equivalent to approximately 176.4 million XRP through publicly traded fund shares.

Goldman Sachs Group Inc. (NYSE: GS) led the rankings with $87.45 million in ETF exposure representing approximately 84.05 million XRP. The bank added exposure equivalent to 83.15 million XRP during the quarter, according to Bloomberg’s compilation. Goldman’s Form 13F filed with the Securities and Exchange Commission (SEC) covered holdings as of June 30 and was submitted Aug. 14.

Jane Street Group ranked second with $16.64 million in exposure representing nearly 16 million XRP, including an increase of approximately 13.57 million XRP. Millennium Management followed with $16.20 million tied to about 15.58 million XRP, although its equivalent token exposure increased by only 22,991 during the quarter.

Several financial institutions and investment firms occupied the next positions, led by Intesa Sanpaolo with $14.42 million and Marex UK Holdings with $8.12 million. Ironbridge Private Wealth ranked sixth with $6.10 million, followed by Kaleidoscope Capital at $3.88 million, Wolverine Asset Management at $2.33 million, Bain Capital Private Equity at $2.17 million, and CreativeOne Wealth at $1.94 million.

Investment Advisers Dominate XRP ETF Exposure

Investment advisers dominated the holder categories with $120.89 million in exposure representing approximately 116.20 million XRP. Their equivalent XRP exposure increased by 90.64 million during the quarter. Hedge fund managers ranked second with $25.08 million tied to 24.11 million XRP, an increase of 3.09 million XRP.

Brokerages held $17.85 million representing 17.16 million XRP after adding exposure equivalent to 12.60 million tokens. Banks reported $14.83 million tied to 14.25 million XRP, with their equivalent exposure increasing by 32,509 XRP. Private equity firms held $3.41 million representing 3.28 million XRP, an increase of 1.34 million XRP.

Holding companies accounted for $1.24 million in exposure representing 1.19 million XRP, although their equivalent holdings declined by 4.47 million XRP. Trusts held $88,729 tied to 85,284 XRP, an increase of 515 XRP, while corporations reported $78,005 representing 74,976 XRP, all newly added during the quarter. Across every category, disclosed holdings totaled $183.47 million and represented approximately 176.35 million XRP. The combined equivalent XRP exposure increased by 103.37 million during the second quarter.

Filings Show ETF Shares, Not Direct XRP Ownership

Form 13F filings disclose certain securities controlled by institutional investment managers overseeing at least $100 million in qualifying assets. The data cover ETF shares rather than tokens held directly, and the positions can support market-making, arbitrage, hedging, or portfolio-management activity. An ETF provides indirect exposure through exchange-traded shares without transferring ownership of the underlying cryptocurrency to each shareholder.

Other second-quarter filings showed JPMorgan adding positions in Bitwise and Grayscale XRP funds, although its reported stakes remained small compared with the firms leading Bloomberg Intelligence’s rankings.

XRP ETF Market Continues Expanding

U.S. spot XRP ETFs held approximately $1.48 billion in combined net assets on Sept. 4, when the funds recorded no net inflows or outflows. Cumulative net inflows remained near $1.68 billion, according to SoSoValue data.

The unchanged session followed $6.14 million in net inflows on Sept. 3, led by Franklin Templeton’s XRPZ with $3.19 million and Bitwise with $2.95 million. One day earlier, the category recorded a $7.20 million net outflow attributed entirely to the latter fund, according to daily ETF flow data.

U.S. products providing spot XRP exposure include Canary Capital’s XRPC, Franklin Templeton’s XRPZ, Grayscale’s GXRP, 21Shares’ TOXR, and REX-Osprey’s XRPR. The funds differ in fees, liquidity, custody arrangements, and legal structures while providing XRP exposure through brokerage accounts.

The category’s largest products have continued accumulating assets alongside changes in XRP’s market value. The Bitwise XRP ETF crossed $500 million in assets nine months after launching, the issuer shared on X on Aug. 31. The fund’s official holdings data showed about 362 million XRP valued at $507.5 million on Sept. 3, with 32.41 million shares outstanding and a 0.34% expense ratio.