Goldman Sachs, Jane Street and Millennium Management dominate institutional holders of XRP ETFs in the United States

Twice a year, the tide goes out a little on Wall Street. US-listed XRP ETFs have just delivered their quarterly snapshot of institutional holders, via 13F reports filed with the SEC. And this photo has its share of surprises. Goldman Sachs is in the lead, but its journey looks more like a roller coaster than a straight line. Two new names, Jane Street and Millennium Management, appear just behind.

Goldman Sachs retreats, then comes back strongly on XRP ETFs

The second quarter data, compiled by Bloomberg analyst James Seyffart, places Goldman Sachs in the lead with approximately $87.4 million in exposure to XRP ETFs. The detail of Form 13F, which covers positions as of June 30, 2026 and was filed on August 14, tells a more eventful story than it seems. At the end of 2025, the bank held more than $153.8 million of these products.

Then she liquidated everything in the first quarter. His position fell to around $4.3 million before starting to rise again, a jump of around twenty times in three months. Some commentators on social media spoke of a simple return by Goldman. Rather, the figures tell of a massive reloading of a position that had never completely disappeared.

Jane Street and Millennium, the newcomers to the XRP ETF ranking

You may be wondering why such names are interested in an altcoin? Jane Street comes in second with around $16.6 million, followed closely by Millennium Management at $16.2 million. Intesa Sanpaolo and Marex UK Holdings complete the top ranking, with $14.4 million and $8.1 million respectively.

None of this proves a directional bet on XRP. Jane Street, in particular, is above all a market maker. Its presence in an ETF often serves arbitrage or hedging, not conviction. Millennium, a multi-strategy hedge fund, is playing a similar game. These mandatory filings, reserved for managers who exceed $100 million in assets under management, therefore say nothing about their real intention. They only say that they are there.

13Fs only tell part of the XRP ETF story

And that's where the problem lies. At the end of 2025, only 15.9% of XRP ETF shares were held by institutions required to file a 13F. In other words, this flattering ranking only illuminates one corner of the room. The majority of holders, individuals or small structures, remain invisible in these forms. According to SoSoValue data, cumulative inflows into US XRP ETFs were around $1.67 billion at the end of August, compared to around $1.79 billion according to Bloomberg's tally. Two methodologies, two figures. There is no doubt about the underlying trend: last week saw the best weekly performance of the year, with more than $110 million in net inflows.