Goldman Sachs is the largest institutional holder of spot XRP ETFs, according to a Bloomberg Intelligence review of Q2 2026 13F filings. The U.S. bank reported USD 87.4 million in exposure, ahead of Jane Street Group and Millennium Management.

A 13F filing is a quarterly disclosure submitted to the U.S. Securities and Exchange Commission (SEC). Asset managers with at least USD 100 million in reportable U.S. securities must list their long positions at the end of each quarter. Spot XRP ETFs are funds that hold XRP directly and track its price. They allow investors to gain XRP exposure through a regulated exchange-traded product without having to self-custody the token. The first U.S. products of this type launched in November 2025.

Bloomberg Intelligence senior research analyst James Seyffart reviewed the current filings. Seyffart previously became widely known for his forecasts on U.S. spot Bitcoin ETF approvals. In the second quarter alone, Goldman Sachs increased its position by roughly 83.2 million XRP tokens, the largest increase among all recorded holders. Since the launch of the market, cumulative net inflows into spot XRP ETFs have reached about USD 1.8 billion.

Bloomberg Intelligence values Goldman Sachs’ position at USD 87,449,929 as of the end of June 2026. That represents roughly 84 million XRP tokens. Jane Street Group follows with USD 16.6 million, while Millennium Management holds USD 16.2 million. Goldman Sachs therefore holds more than five times the second-largest reported position. The list includes 30 reportable holders, although smaller asset managers below the reporting threshold do not appear.

NEW: Who are the top holders of spot ripple:native ETFs? Here's the data as of the Q2 13F Filings. Goldman, Jane and Millennium top the list. pic.twitter.com/SsL0BuM1oq - James Seyffart (@JSeyff) August 31, 2026

The position was built within a single quarter. In the Q1 2026 filing, Goldman Sachs had reduced its XRP ETF holdings almost entirely and had also exited Solana ETFs. In Q2, it added a little more than 83 million XRP tokens. That was by far the largest increase among all listed holders. On a token basis, the build-up exceeded the combined XRP ETF holdings of Jane Street and Millennium Management by more than two and a half times.

The accumulation took place while XRP was under pressure. In June, the price fell from around USD 1.30 to its lowest level since the end of 2024. The quarter ended at about USD 1.04. The increase in Goldman Sachs’ exposure therefore came during a weak period for the token.

The bank’s exposure is spread across five spot XRP ETFs. The Bitwise XRP ETF accounts for roughly USD 25.8 million, and Franklin Templeton’s XRPZ for about USD 25.4 million. Together, those two funds make up a little more than half of the reported position. Goldman Sachs also holds stakes in products from Grayscale and 21Shares, and it has a new position in the Canary Capital ETF XRPC. The allocation shows no clear concentration on a single issuer.

These figures, however, have limited interpretive value. A 13F filing captures long positions in reportable U.S. securities and nothing else. Short positions, derivatives and hedges are not included. The filing also does not distinguish between proprietary trading, client activity, market making or actual investment intent. A bank may hold an ETF position because a client requested it, because it offsets a swap, or because it sits in the trading book. The counterparty is also not visible. As a result, the filing does not show who ultimately bears the economic risk, and it does not support conclusions about investment conviction.

The report also comes with a delay. The SEC allows filers 45 days after the end of each quarter to submit the form. For the quarter ended June 30, the deadline fell in mid-August 2026. By the time of publication, the holdings were already several weeks old. The filing does not show whether Goldman Sachs later held, added to, or reduced the position, nor does it indicate when within the quarter the position was built.

By holder category, a different picture emerges. Investment advisors, meaning registered advisory firms, lead the analysis with USD 120 million. They hold roughly 116 million XRP tokens, and their holdings increased by about 90 million tokens over the quarter, the largest increase of any category. Bloomberg Intelligence groups the 30 filers by type, including banks, hedge funds and trading firms. The advisor category therefore stands well above any single individual position, which is relevant because these filings capture only part of the market’s activity and exclude firms below the threshold.

Most of the remaining leading holders come from the trading sector. Jane Street and IMC are quantitative trading firms. Flow Traders specializes in ETP market making. Millennium Management and Citadel Advisors are among the larger multi-strategy hedge funds. Millennium was at times the largest hedge fund holder of the Bitcoin ETF IBIT. Susquehanna and Parallax Volatility Advisers primarily trade options and volatility. Wolverine Asset Management also operates in market making and proprietary trading. These firms continuously quote bid and ask prices on exchanges, and their holdings typically arise from ongoing trading activity.

A large 13F entry therefore does not necessarily indicate a bullish view. In many cases, such holdings reflect liquidity provision, arbitrage inventory or hedges that may unwind within days. A market maker can hold an ETF share while hedging the price risk in futures at the same time. By contrast, investment advisors allocate for client portfolios, often through model portfolios with a multi-year horizon, so their allocations tend to change less frequently than trading inventory. In spot Bitcoin ETFs, this group is already the largest institutional holder category.