Institutional demand for Spot XRP ETFs is gathering momentum — and recent regulatory filings reveal a notable new leader among disclosed holders.
Bloomberg Intelligence data shows cumulative inflows into Spot XRP ETFs climbed from roughly $150 million in mid‑November 2025 to about $1.44 billion by March 4, 2026. Since launch, these ETFs have taken in more than $1.4 billion in total inflows, underscoring strong appetite for XRP exposure through regulated products.
Surprising top institutional holder
13F filings dated December 31, 2025 — compiled by Bloomberg Intelligence — place Goldman Sachs at the top of the list of known institutional investors in Spot XRP ETFs. The Wall Street bank discloses roughly $153.8 million of ETF exposure, equivalent to about 83.6 million XRP held via ETF shares. That position outstrips other public filers by a wide margin.
Other disclosed holders and disclosure limits
Behind Goldman, the largest disclosed holders include Millennium Management (just over $23 million in exposure), followed by names such as Citadel Advisors and Logan Stone Capital with significantly smaller allocations. But these 13F filings capture only a slice of the market: the top 30 disclosed holders collectively controlled about $211 million in positions at the time of the filings, leaving the majority of ETF ownership unreported in these documents.
Why the filings understate total exposure
Many investors in Spot XRP ETFs — smaller funds, family offices and retail participants — aren’t required to file 13F reports, so regulatory disclosures underrepresent total demand. That partly explains how cumulative ETF inflows reached roughly $1.44 billion while disclosed institutional holdings remain relatively modest on paper.
What it means for institutional crypto exposure
Goldman Sachs’ status as the largest disclosed holder is noteworthy because it signals mainstream financial firms are using ETFs to gain crypto exposure. Bloomberg Intelligence analyst James Seyffart has pointed out that XRP ETF demand remains solid even as broader crypto markets faced downward pressure earlier in the year. If other banks follow Goldman’s lead, Spot XRP ETFs could become a more significant conduit for institutional crypto allocation before year‑end.
Bottom line
While 13F filings don’t tell the whole story, the combination of sizable cumulative inflows and a major Wall Street firm leading the disclosed holder list marks an important development for institutional adoption of XRP via ETFs. Watch for more filings and inflow updates to track whether this trend accelerates.
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