Goldman Sachs becomes the largest holder of XRP spot ETF... Bloomberg reports that "the number of invisible individual investors is even larger"

Some analyses indicate that although Goldman Sachs appears as the largest holder among XRP spot ETF investors, the actual investment size may be even larger because many individual investors are not subject to disclosure requirements.

Bloomberg analyst James Seyffart stated that a significant portion of XRP spot ETF investors may be individual investors not reflected in disclosure documents. On March 10, he explained on his X account, “Since most spot XRP ETF investors do not file 13F reports, the investors visible in public data are only a part of the total.”

According to publicly available information from Seyffart, by the end of 2025, the top 30 holders of XRP spot ETFs held approximately $211 million worth of ETF shares. He added in another post that these funds had accumulated over $1 billion in inflows by the end of the year.

In response, Bloomberg analyst Eric Balchunas commented, “These investors are more likely to be ‘super fans’ who strongly support XRP rather than ordinary individual investors.”

Among the top investors, Goldman Sachs holds the largest share. Goldman Sachs owns about $154 million worth of XRP spot ETF shares, significantly surpassing other investors.

Who are these buyers/holders? Well, we only know a small portion of them because the vast majority don’t file 13Fs. But here are the holders as of 12/31/2025 pic.twitter.com/ymIyy1mobx

— James Seyffart (@JSeyff) March 10, 2026

The XRP spot ETF is a financial product designed to allow investors to gain exposure to XRP price movements without directly holding XRP tokens. This enables institutional and traditional financial investors to participate indirectly in the digital asset market.

According to the U.S. Securities and Exchange Commission, institutions managing over $100 million in certain securities are required to file quarterly 13F reports disclosing their holdings of publicly traded U.S. stocks. Investors below this threshold are not obligated to report, making it difficult to determine the actual investor scale.

Seyffart stated that as of last week, the total assets under management for XRP spot ETFs were approximately $1.44 billion. Currently, asset management firms such as 21Shares, Bitwise Asset Management, and Franklin Templeton have launched XRP spot ETF products.

Among these, 21Shares’ XRP spot ETF is the most popular product in the company’s lineup of altcoin ETFs.

XRP is one of the cryptocurrencies with millions of holders worldwide, especially known for its strong community of individual investors.

Ripple CEO Brad Garlinghouse also emphasized at a recent XRP event, “XRP is like Ripple’s ‘North Star,’ the core asset of our strategic vision.”