Goldman Sachs has taken the top spot among institutional holders of spot XRP ETFs, according to Q2 13F filings compiled by Bloomberg Intelligence. The bank’s exposure jumped to $87.4 million, up $83.1 million from the prior quarter, by far the largest increase of any firm on the list.
Who Else Made the List
Jane Street Group sits in second place with $16.6 million in exposure, followed closely by Millennium Management at $16.2 million. Rounding out the top five are Intesa Sanpaolo, the European banking giant, at $14.4 million, and Marex UK Holdings at $8.1 million.
Most firms on the Bloomberg Intelligence list added to their XRP positions this quarter. A handful moved the other way, Citadel Advisors, Gallacher Capital Management, SIG Holding and Flow Traders US all trimmed their exposure, with SIG posting the steepest cut at roughly $4.6 million.
$1.8 Billion and Counting
Zoom out from individual holders and the flow data tells an even bigger story. Bloomberg’s James Seyffart revealed that XRP ETF flows have been “surprisingly resilient,” with cumulative net inflows now sitting at $1.8 billion since launch. According to data, that total climbed from $150 million just after launch in November 2025 to $1.45 billion by mid-January, then went higher through the spring before crossing $1.79 billion by late August.
What makes that number stand out, according to analyst CryptoSensei, is that it built up without XRP’s price cooperating. Inflows kept climbing even through stretches where the token wasn’t exactly making life easy for buyers.
Money Keeps Coming Even as Price Pulls Back
That pattern has continued into the latest pullback. XRP has slipped to around $1.37, but spot ETFs have pulled in more than $150 million over nine straight trading days, even as exchange reserves continue to decline, typically a sign that coins are being moved off exchanges and into longer-term holding rather than sold.
XRP holding above $1.36 keeps the door open for a retest of the $1.43 level, where XRP was previously rejected, while losing that floor would put the recent sweep low back in play.
Adding to the Momentum: RLUSD Crosses $2 Billion
Ripple’s stablecoin RLUSD also hit a milestone this month, crossing $2 billion in market cap, with more than $1 billion of that issued directly on the XRP Ledger, according to the stablecoin’s latest independent attestation for July. The company added that the token isn’t even two years old yet.
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