Goldman Sachs Leads Spot XRP ETF Holdings in Q2, Followed by Jane Street and Millennium Management

Institutional investors disclosed $183.5 million of exposure to U.S. spot XRP exchange‑traded funds (ETFs) at the end of the second quarter, equivalent to roughly 176.4 million XRP.

Top Holders

• Goldman Sachs Group Inc. – $87.45 million exposure, about 84.05 million XRP.
• Jane Street Group – $16.64 million exposure, nearly 16 million XRP.
• Millennium Management – $16.20 million exposure, about 15.58 million XRP.
• Intesa Sanpaolo – $14.42 million exposure.
• Marex UK Holdings – $8.12 million exposure.

Category Breakdown

• Investment advisers: $120.89 million (≈116.20 million XRP).
• Hedge fund managers: $25.08 million (≈24.11 million XRP).
• Brokerages: $17.85 million (≈17.16 million XRP).
• Banks: $14.83 million (≈14.25 million XRP).
• Private equity firms: $3.41 million (≈3.28 million XRP).
• Holding companies: $1.24 million (≈1.19 million XRP).
• Trusts: $88,729 (≈85,284 XRP).
• Corporations: $78,005 (≈74,976 XRP).

ETF Structure and Market Context

Form 13F filings report holdings of ETF shares, not direct XRP tokens. These positions can support market‑making, arbitrage, hedging, or portfolio‑management activities. U.S. spot XRP ETFs held about $1.48 billion in net assets on September 4, with cumulative net inflows near $1.68 billion.

Key products providing spot XRP exposure include Canary Capital’s XRPC, Franklin Templeton’s XRPZ, Grayscale’s GXRP, 21Shares’ TOXR, and REX‑Osprey’s XRPR. The Bitwise XRP ETF reported holdings of roughly 362 million XRP valued at $507.5 million.