XRP ETF holdings have shifted with the market now witnessing a major change in who holds the digital asset product in their profile.
By the end of 2025, Goldman Sachs had become the largest disclosed holder of spot XRP exchange-traded fund shares, according to James Seyffart of Bloomberg Intelligence. However, he adds that the publicly visible data likely tells only part of the story.
Most investors in these ETFs are not visible in regulatory filings. That’s because the majority of investors are not required to submit 13F filings, which are typically filed by large institutional investment managers.
As a result, only a small portion of the actual investor base appears in official disclosures.
XRP ETF holders not on records
Data shared by Seyffart shows that the top 30 disclosed holders owned about $211 million worth of spot XRP ETF shares at the end of 2025. At the same time, the funds had attracted more than $1 billion in total inflows, indicating that many investors remain outside public view.
In response to the data, fellow Bloomberg Intelligence analyst Eric Balchunas suggested that a large share of these unseen investors could be dedicated XRP supporters rather than casual retail traders.
Of the total disclosed value of spot XRP exchange traded funds of about $211 million, Goldman Sachs had the vast majority, with a value of shares amounting to nearly $154 million. It is thus the largest known holder of XRP.
Spot XRP ETFs let investors track XRP prices
Spot XRP ETFs allow investors to gain exposure to the crypto’s price without directly buying or storing the token. Instead, they can trade shares of the fund through traditional markets.
However, the publicly available data reflects only part of the investor base. Under U.S. regulations, only firms managing more than $100 million in qualifying securities must file quarterly 13F reports with the U.S. Securities and Exchange Commission, meaning many investors remain undisclosed.
According to James Seyffart of Bloomberg Intelligence, spot XRP funds had gathered about $1.44 billion in total assets as of last week.
Major issuers include 21Shares, Bitwise Asset Management and Franklin Templeton. XRP also continues to benefit from a large and highly active global retail community.