Goldman Sachs Is the Largest Institutional Holder of Spot XRP ETFs

The 13F filing data compiled by Bloomberg Intelligence reveals Wall Street’s most prominent bank sitting at the top of the XRP ETF institutional holder list, well ahead of every other firm, as the products approach $1.4 billion in cumulative inflows since their November 2025 launch.

The Goldman Position

Goldman Sachs disclosed approximately $153.8 million in XRP ETF exposure, spread deliberately across four separate issuers rather than concentrated in a single product. The allocation breaks down to roughly $40 million in the Bitwise XRP ETF, $38 million in the Franklin XRP Trust, $38 million in the Grayscale XRP ETF, and $36 million in the 21Shares XRP ETF. Distributing across all four major issuers simultaneously suggests a structural allocation decision rather than a preference for any particular product’s construction or fee structure.

The XRP position sits inside a broader $2.3 billion crypto-linked portfolio. Goldman holds approximately $1.1 billion in Bitcoin ETFs and $1 billion in Ethereum ETFs alongside the XRP exposure. The relative sizing is instructive: Bitcoin at 48% of the crypto portfolio, Ethereum at 43%, and XRP at roughly 6.7%. XRP is a meaningful allocation but clearly tertiary in Goldman’s crypto hierarchy.

The Rest of the Institutional Table

The gap between Goldman and the second-largest filer is significant. Millennium Management disclosed $23 million in XRP ETF exposure, approximately 15% of Goldman’s position. Citadel Advisors sits at $4.5 million. Jane Street at $1.99 million. Flow Traders at $466,957.

The names on the list represent a cross-section of institutional finance: systematic hedge funds like Millennium and Citadel, market makers like Jane Street and Flow Traders, and registered investment advisors ranging from large regional firms to boutique wealth managers. Twenty-nine separate firms filed 13F disclosures with XRP ETF positions. The breadth of the institutional holder base is as notable as Goldman’s size at the top.

The 84% Retail Dominance

Despite the institutional names on the 13F list, analysts note that approximately 84% of XRP ETF assets are currently held by retail participants and other non-reporting entities. The institutional holders that generate headlines represent a minority of the actual capital in the products. That dynamic is consistent with the XRP community’s historically retail-driven character and with the broader observation from earlier this week that the largest unrealized losses in XRP’s history, $50.8 billion across 36.8 billion coins, sit primarily with holders who bought during the late 2024 rally.

Retail dominance at 84% also means institutional adoption has significant runway. As the products mature and more firms complete due diligence processes, the institutional share is likely to grow toward the Bitcoin ETF composition where institutional allocators represent a larger fraction of total assets.

The Resilience Data and the March Contradiction

XRP ETFs have recorded only nine outflow days since launching in November 2025, an unusually low number for a new product class launching into a declining market. Cumulative net inflows have reached over $1.4 billion despite XRP falling from approximately $3 to $1.37 during the same period. Holders have largely stayed put through a 55% price decline.

The March 6 data introduces a note of caution. The $16.62 million in outflows on that date represented the largest single-day withdrawal since launch, arriving during the same week CoinShares reported $30.3 million in weekly XRP ETF outflows. That combination of record single-day withdrawal and negative weekly flow sits in contrast to the otherwise resilient inflow trend and connects to the broader institutional rotation toward Bitcoin ETFs visible in the same week’s flow data.

Goldman’s $153 million position was built during that same declining market. Whether that represents conviction or a tactical hedge within a larger crypto portfolio allocation framework, the 13F filing does not say.

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