Goldman Sachs has become the largest holder of the spot XRP ETF; analysts say a large number of "super fan" investors have not yet been disclosed.

PANews reported on March 11 that, according to The Block, data shared by Bloomberg Intelligence analyst James Seyffart shows that as of the end of 2025, the top 30 holders of the spot XRP ETF will hold approximately $211 million worth of shares, with Goldman Sachs being the largest holder at nearly $154 million. Seyffart pointed out that only a "small fraction" of these investors are visible in the 13F filings because "the vast majority do not file 13F documents." Another Bloomberg Intelligence analyst, Eric Balchunas, speculated that this primarily comes from XRP "super fans" rather than ordinary retail investors.

Data shows that by the end of last year, the cumulative inflow into spot XRP ETFs had exceeded $1 billion, and as of last week, total assets under management reached $1.44 billion. Currently, institutions issuing spot XRP ETFs include 21Shares, Bitwise Asset Management, and Franklin Templeton.