Goldman Sachs emerges as top XRP ETF holder, alongside wave of 'super fans': analysts

At the end of last year, Goldman Sachs was the largest holder of spot XRP exchange-traded fund shares. But the real story might be how many unknown investors, or "super fans," are out there also holding.

Bloomberg Intelligence analyst James Seyffart said Tuesday in a post on X that only "a small portion" of spot XRP ETF investors are visible in filings because “the vast majority don’t file 13Fs.”

Seyffart shared data showing the top 30 holders of spot XRP ETFs owned about $211 million worth of shares at the end of 2025. In a separate post, he said the funds had attracted more than $1 billion in cumulative inflows by year-end.

"My guess is this is largely XRP super fans versus casual retail," fellow Bloomberg Intelligence Analyst Eric Balchunas said in response to Seyffart's post.

Of that $211 million, Goldman Sachs was by far the largest investor, holding nearly $154 million in spot XRP ETF shares.

The ETFs allow investors to bet on the price of XRP without having to hold the token directly.

Only firms managing more than $100 million in qualifying securities must file quarterly 13F reports with the U.S. Securities and Exchange Commission disclosing certain U.S.-listed equity holdings.

As of last week, spot XRP funds had amassed $1.44 billion in combined assets under management. Several firms have issued spot XRP ETFs, including 21Shares, Bitwise Asset Management and Franklin Templeton.

In 21Shares' case, its spot XRP ETF is by far its most popular altcoin-based fund.

XRP has maintained one of the largest and most vocal retail communities in crypto, with millions of holders worldwide.

Speaking at an XRP event last month, Ripple CEO Brad Garlinghouse called the token his company's "North Star."