Jane Street Leads Institutional Push into XRP Exchange-Traded Funds
Established trading firm Jane Street has disclosed a significant position in the Bitwise XRP ETF, totaling $14 million. This is a roughly 60-fold increase from the 20,605 shares held at the end of Q1.
The filing reveals positions in XRP-related funds offered by Franklin Templeton, Grayscale, Canary Capital, and 21Shares, indicating diversified engagement with the rapidly expanding universe of XRP-linked investment products.
Other notable positions reported include nearly 200,000 Bitwise XRP ETF shares held by Wolverine Asset Management and 86,744 Canary XRP ETF shares reported by Gallacher Capital Management. Major banks such as Bank of America, Morgan Stanley, Wells Fargo, and Citadel also disclosed positions in various XRP-related funds.
Jane Street's role as a market maker provides important context for interpreting the filing, suggesting that the position may reflect liquidity provision rather than a directional bet on XRP's price. However, the scale is difficult to dismiss, with Jane Street emerging as one of the most prominent institutional participants in the nascent XRP ETF market.
The wave of disclosures underscores how quickly institutional infrastructure has formed around XRP exchange-traded products since their introduction. Multiple asset managers have launched or filed for XRP exposure products, each taking slightly different structural approaches ranging from spot-based funds to trust conversions.