Goldman Sachs was the largest disclosed institutional holder of spot XRP ETFs as of Dec. 31, 2025, according to Bloomberg Intelligence data shared by ETF analyst James Seyffart, offering one of the clearest snapshots yet of who was buying into the products during their first months on the market.
The filing data also underscores a more surprising point: XRP ETF demand appears to have stayed intact even as the token suffered a sharp post-launch decline. “The XRP ETFs have actually held up pretty well despite the massive pullback in price,” Seyffart wrote on X. “They’ve taken in a cumulative $1.4 billion since launch.”
That resilience matters because the products were launched into a difficult tape rather than a clean risk-on stretch. A Bloomberg Intelligence chart shared by Seyffart showed cumulative XRP ETF flows rising from about $150 million on Nov. 13, 2025, to $1.44 billion by March 4, 2026, with the steepest increase coming in the weeks after mid-November.
Who Is Buying The Spot XRP ETFs? 
The broader ownership mix, however, suggests XRP ETFs were not primarily an institutional story in the way some other spot crypto products have been. Bloomberg Intelligence’s cross-asset comparison showed XRP ETFs with 83 disclosed 13F holders and $1.342 billion in assets under management, but only 15.9% of that AUM was tied to 13F filings. That stands in sharp contrast to Solana ETFs, where 48.8% of AUM came from 13F filers, and even to Bitcoin and Ethereum at 24.1% and 27.2%, respectively.
Seyffart made the point directly, saying the four spot crypto ETF groups show different buyer profiles and that “SOL & XRP are by far the newest but XRP ETFs are heavily driven by retail demand.”
That interpretation fits the numbers. XRP ETFs had slightly more disclosed 13F holders than Solana ETFs, 83 versus 85, but a far smaller institutional share of assets. In other words, institutions showed up, and Goldman showed up in size, but the backbone of the flow story appears to have been retail conviction rather than traditional allocators building large disclosed positions.
At press time, XRP traded at $1.38.
