Goldman Leads XRP Institutional Holdings as ETF Inflows Reach $170M

XRP ETFs listed in the U.S. have continued to see steady demand, recording net inflows for 11 straight trading days. The streak has brought approximately $170 million into the funds, while second-quarter filings reveal significant positions from major financial firms including Goldman Sachs, Jane Street and Millennium Management.

Tuesday’s inflows totaled $14.38 million, taking the combined net inflow since the ETFs launched last November to around $1.68 billion, data from SoSoValue shows. Franklin Templeton’s fund attracted the most capital on the day, with $6.63 million, followed by Grayscale at $4.72 million.

The current run began Aug. 18 and has continued despite XRP losing some of its late-August momentum. The token was trading at about $1.33 early Wednesday, compared with nearly $1.45 on Aug. 27. XRP remains above the roughly $1 level recorded in mid-August.

Compared with bitcoin, however, the scale of XRP ETF demand is relatively limited. Spot bitcoin ETFs in the U.S. attracted $2.26 billion during six trading sessions near the end of August, exceeding the total inflows XRP ETFs have accumulated since their launch.

Goldman Has the Largest Disclosed Stake

Goldman Sachs ranked first among disclosed institutional XRP ETF holders at the end of the second quarter, reporting approximately $87.4 million in exposure, according to Bloomberg Intelligence’s review of 13F filings.

That position should not automatically be viewed as a straightforward bet that XRP will rise. Large institutional holdings can result from market-making, basis trading or fulfilling orders for clients, particularly through wealth-management operations.

Jane Street reported $16.6 million in XRP ETF holdings, while Millennium Management disclosed $16.2 million.

The 13F reports offer one of the few public ways to see which professional investors are participating in the newly launched XRP ETF market. However, they only provide a partial picture because they do not disclose hedges or other positions held outside the reported securities.

Investment advisers represented about $120 million of the $183 million in disclosed holdings, making them the largest investor category. Hedge funds held roughly $25 million, brokerages reported $17 million and banks had around $14 million.

Advisers also accounted for most of the increase during the quarter, with their reported holdings rising by approximately $90 million. Across all investor categories, disclosed holdings increased by about $103 million.

The Timing Matters

The 13F figures should not be confused with the recent ETF inflow numbers because they cover different periods.

The institutional filings reflect holdings as of June 30. By contrast, the 11-day inflow streak measures money that entered XRP ETFs during late August and early September.

The reported positions also capture gross ETF exposure, rather than an investor’s complete economic position in XRP. Institutions such as Goldman Sachs, Jane Street and Millennium could own the ETFs while using futures or other instruments to hedge part or all of their price exposure.

Goldman’s bitcoin ETF disclosures in 2025 demonstrated how this can work. The bank reported more than $1.5 billion in spot bitcoin ETF holdings while also holding substantial put positions and other related trades.

The current XRP inflow streak began about two months after the latest 13F reporting date. As a result, it remains unclear whether the institutions identified in the June filings still maintain those positions. Their updated holdings will not be known until the next 13F filings are released in November.