Goldman Sachs Owns More XRP ETF Shares Than Anyone Else on Wall Street

Goldman Sachs has become the largest single institutional holder of spot $XRP exchange-traded fund (ETF) shares, with nearly $154 million in holdings across multiple $XRP ETF products as of December 31, 2025.

The disclosure, surfaced by Bloomberg Intelligence analyst James Seyffart in a post on X on March 10, puts Goldman ahead of all other institutions that filed 13F reports with the U.S. Securities and Exchange Commission (SEC).

What Are 13F Filings and Why Do They Matter for Crypto ETFs?

A 13F filing is a quarterly disclosure required by the SEC for institutional investment managers that oversee more than $100 million in qualifying securities. These filings give the public a snapshot of where large institutions are allocating capital. For crypto ETFs, 13F data is one of the few ways to track institutional positioning in a market that otherwise lacks transparent ownership records.

The most recent filings, covering positions at the end of 2025, show 83 institutions reported $XRP ETF exposure. The top 30 holders collectively owned just over $211 million in spot $XRP ETF shares. Goldman Sachs accounted for the bulk of that figure at roughly $154 million, making it significantly larger than any other single filer.

How Much of the $XRP ETF Market Do Institutions Actually Control?

Despite Goldman's prominent position, institutional holders represent a small share of the overall market. At the time of the filing snapshot, spot $XRP ETFs held approximately $1.20 billion in total assets. The $211 million disclosed across all 13F filers represents around 16% of that total.

The remaining 84% comes from participants not required to file 13F reports. That group includes:

• Smaller registered investment advisors below the $100 million threshold
• Family offices
• Retail investors using standard brokerage accounts
• Other market participants outside the 13F reporting requirement

Worth noting, non-filing investors drive the majority of daily ETF flow activity. When their enthusiasm shifts, it shows up in net inflow and outflow data before any institutional filing can capture it.

What the Analyst Community Is Saying

Bloomberg Intelligence analyst Eric Balchunas weighed in on the composition of that non-filing majority. "My guess is this is largely $XRP super fans versus casual retail," Balchunas wrote in response to Seyffart's post. The comment reflects a well-documented characteristic of $XRP's market: it has one of the most consistent and vocal retail communities in crypto, and that community has historically driven demand independent of institutional positioning.

Ripple CEO Brad Garlinghouse reinforced the token's central role when he called $XRP his company's "North Star" at a dedicated event last month.

Why Are Spot $XRP ETFs Seeing Outflows Right Now?

Spot $XRP ETFs recorded their fourth consecutive day of net outflows on March 10, shedding $3.88 million in a single session. However, Ethereum spot ETFs gained $12.59 million on March 10.

Meanwhile, BTC spot ETFs pulled in $250.92 million on March 10 alone. Total assets under management for Bitcoin ETFs now sit at $90 billion, equal to 6.41% of Bitcoin's market cap. When institutional appetite for altcoins softens, Bitcoin has consistently absorbed the available capital.

For context on the $XRP ETF market's overall scale: the funds drew more than $1 billion in cumulative inflows by the end of 2025. As of last week, total assets under management across spot $XRP ETF products reached $1.44 billion. Issuers include 21Shares, Bitwise Asset Management, and Franklin Templeton. Among those issuers, 21Shares reported that its spot $XRP product is by far its most popular altcoin fund.

What a Recovery Would Require

For $XRP ETF inflows to stabilize, a recovery in $XRP's spot price would likely be needed to ease redemption pressure. With altcoin ETFs broadly under pressure and Bitcoin absorbing the bulk of available institutional capital, a quick return to consistent net inflows for $XRP is not a given in the near term.

The core dynamic remains intact though. Goldman Sachs sitting at the top of the institutional holder list signals that large financial firms are taking measured positions in $XRP ETF products. The retail base, which controls the large majority of ETF capital, remains the more influential force in determining day-to-day flow direction.

Resources

1. James Seyffart on X: Post on March 10

2. Report by The Street: Goldman Sachs now the largest institutional holder of $XRP

3. Report by Benzinga: '$XRP Is The North Star,' Says Ripple CEO After $4B In Acquisitions In 2025

4. SoSoValue portal: $XRP spot ETF data