Goldman Sachs holds $154 million in assets, ranking as the largest holder of XRP ETF

Bloomberg Industry Research Analyst James Seyffart disclosed on Tuesday via the X platform that by the end of 2025, Goldman Sachs will be the largest single holder of spot XRP ETF shares, with an approximate holding of $154 million. According to Seyffart’s data, the top 30 holders of XRP spot ETFs collectively hold about $211 million worth of shares.

Goldman Sachs’ $154 Million Holding: Implications of Institutional Allocation in the Market

(Source: Bloomberg)

Goldman Sachs’ holding of $154 million in XRP ETF shares accounts for roughly 73% of the total $211 million held by the top 30 institutional holders, indicating a highly concentrated institutional allocation structure.

ETFs enable investors to gain exposure to XRP’s price movements within a regulated framework without directly holding cryptocurrencies, thus avoiding the complexities associated with digital asset custody and compliance. For institutions like Goldman Sachs, allocating XRP via ETFs aligns better with their existing compliance structures and risk management requirements, making it a common pathway for institutional capital to enter the crypto market.

Main Participants: The “Super Fans” Majority of Holders Not Reporting

Seyffart also revealed a key characteristic of the XRP ETF holder structure: the $211 million held by the top 30 holders represents only about 14.6% of the total assets under management (AUM) of $1.44 billion, with over 85% of other holders not appearing in known reporting documents.

This phenomenon is due to the U.S. 13F filing threshold: only institutions managing over $100 million in securities are required to submit quarterly 13F filings to the U.S. Securities and Exchange Commission (SEC), disclosing their holdings in U.S.-listed stocks. The vast majority of XRP ETF holders are below this threshold or are individual investors, and therefore are not required to report, resulting in a “large holdings invisible” scenario.

Bloomberg senior ETF analyst Eric Balchunas commented: “I guess this is mainly a contest between XRP super fans and regular retail investors.” XRP boasts one of the largest and most active retail communities in the crypto space, with millions of holders worldwide. These highly engaged retail supporters are viewed by some analysts as the main hidden force behind XRP ETF inflows.

XRP ETF Market Overview: Issuers and Latest Scale

Currently, the main issuers of spot XRP ETFs include 21Shares, Bitwise Asset Management, and Franklin Templeton. Among these, 21Shares’ spot XRP ETF is the most popular altcoin ETF product to date.

On the community front, Ripple CEO Brad Garlinghouse spoke at an XRP event last month, describing XRP as Ripple’s “North Star,” indicating the company’s continued strategic focus on XRP as a core asset.

Frequently Asked Questions

Why does Goldman Sachs hold XRP ETFs instead of directly holding XRP?

ETFs allow investors to establish XRP price exposure within a regulated framework without directly holding cryptocurrencies, thus avoiding the complexities of digital asset custody and compliance. For institutions like Goldman Sachs, allocating XRP through ETFs better aligns with their existing compliance and risk management frameworks.

Why do most XRP ETF holders not appear in reporting documents?

According to the U.S. 13F filing system, only institutions managing over $100 million in securities are required to submit quarterly holdings reports to the SEC. Most XRP ETF holders are below this threshold or are individual investors, so they are not obligated to report, resulting in a “large holdings invisible” phenomenon. The $211 million held by the top 30 holders accounts for only about 14.6% of the total AUM.

How large is the current XRP ETF market?

As of last week, the total assets under management of spot XRP ETFs reached $1.44 billion, with over $1 billion in cumulative fund inflows expected by the end of 2025. Major issuers include 21Shares, Bitwise Asset Management, and Franklin Templeton.