Goldman Sachs Leads XRP ETF Holdings at End of 2025

Goldman Sachs dominated the holdings of spot XRP ETFs at the end of 2025, according to Bloomberg Intelligence. The investment bank held close to $154 million in shares, making it the single largest disclosed investor in the category. This represents a significant portion of the total $211 million collectively owned by the top 30 holders.

The figures suggest that Goldman Sachs accounted for nearly three-quarters of the total holdings among the top 30 investors. The remaining holders each held significantly smaller positions compared to the investment bank's massive stake.

Analyst James Seyffart noted that the disclosed figures only represent a small portion of the actual investor base, as most spot XRP ETF investors are not required to file 13F reports with the SEC. Fellow analyst Eric Balchunas suggested that the undisclosed investor base likely consists of committed XRP holders.

The spot XRP ETFs had drawn more than $1 billion in cumulative inflows by year-end 2025, and total assets under management reached $1.44 billion as of last week. Issuers include 21Shares, Bitwise Asset Management, and Franklin Templeton.