Goldman Sachs: XRP ETF King or Just a Silly Goose?

Well, slap my wallet and call me a crypto cowboy! According to some fancy Bloomberg Intelligence data (courtesy of the ever-charming James Seyffart), Goldman Sachs was the biggest kid on the XRP ETF block as of Dec. 31, 2025. That’s right, folks, the suits at Goldman were gobbling up XRP ETFs like they were going out of style (or maybe they just really love the taste of digital risk?).

And get this – even though XRP took a nosedive after launch, these ETFs held on tighter than a miser with a gold coin. “They’ve taken in a cumulative $1.4 billion since launch,” Seyffart quipped on X. That’s more impressive than a tap-dancing unicorn, if you ask me!

Now, picture this: a Bloomberg Intelligence chart (also courtesy of Seyffart, the chart whisperer) shows XRP ETF flows skyrocketing from a measly $150 million on Nov. 13, 2025, to a whopping $1.44 billion by March 4, 2026. That’s a steeper rise than my blood pressure after a bad joke!

Bloomberg Intelligence Chart

Who’s Behind the XRP ETF Madness?

Ah, the million-dollar question (or should I say, the $1.4 billion question?). Seyffart, ever the realist, reminds us that we only know a tiny fraction of these buyers because most don’t file 13Fs. But fear not, dear reader, we do have a list of the bigwigs as of 12/31/2025. And guess who’s at the top? Goldman Sachs, of course, with a cool $153.8 million in XRP ETF exposure. That’s enough to make even the most stoic banker crack a smile (or at least raise an eyebrow).

Following behind like eager puppies are Millennium Management, Logan Stone Capital, Citadel Advisors, and Jain Global. And let’s not forget the honorable mentions: Marex Group, Jane Street, DRW Securities, Flow Traders, Wedbush Securities, and a few advisory firms that probably have fancier names than my sense of humor.

XRP ETF Holders

But here’s the kicker: unlike other crypto products that are all about the institutions, XRP ETFs seem to be a retail party. Bloomberg Intelligence data shows that only 15.9% of XRP ETF assets under management come from 13F filings. Compare that to Solana ETFs (48.8%) or even Bitcoin and Ethereum (24.1% and 27.2%, respectively). It’s like the retail investors said, “Institutions, schminstitutions, we’ll take it from here!”

Retail vs Institutional Demand

Seyffart puts it perfectly: “SOL & XRP are by far the newest but XRP ETFs are heavily driven by retail demand.” And his colleague, Eric Balchunas, chimes in with a gem: “Like Solana this is really impressive given these launched into a brutal 45% drawdown… My guess is this is largely XRP super fans vs casual retail.” Super fans, indeed! These folks are more loyal than a golden retriever with a bone.

So, there you have it, folks. Institutions showed up, but it’s the retail investors who are keeping the XRP ETF party alive. And at press time, XRP was trading at $1.38. Not too shabby for a token that’s been through the wringer, eh?

XRP Price Chart

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2026-03-11 16:11