XRP ETF: Which Wall Street giants dominate the rankings?

Among reported institutional holders of XRP ETFs in the second quarter of the year, Goldman Sachs held the top spot. The banking institution therefore had an exposure of $87.45 million as of June 30, far ahead of Jane Street and Millennium Management. In total, the identified banks owned $183.5 million in shares. These figures attest to the integration of XRP products on Wall Street, without showing that these companies directly anticipate a rise in crypto.

Goldman concentrates almost half of known positions

As flows into the

Goldman Sachs controlled a corresponding exposure to nearly 80.05 million XRP. The banking institution would have added the equivalent of 83.15 million tokens during the quarter, according to the data provided.

The ranking of the five main banks reveals the lead taken by Goldman Sachs:

• Goldman Sachs held $87.45 million worth of XRP ETF shares;
• Jane Street came in second with $16.64 million;
• Millennium Management followed with $16.20 million;
• Intesa Sanpaolo declared exposure of $14.42 million;
• Marex UK Holdings completed the group with $8.12 million.

Thus, Goldman Sachs held approximately 48% of the $183.47 million reported. The first three companies accounted for nearly $120.3 million, or about two-thirds of the census total.

From then on, investment advisors dominated the various categories with $120.89 million. They had beaten hedge fund managers, who had 25.08 million. Brokerage firms and banks posted $17.85 million and $14.83 million, respectively.

James Seyffart, analyst at Bloomberg Intelligence, clarified:

Who are the largest holders of spot XRP ETFs? Here is the data from the 13F declarations for the second quarter. Goldman, Jane Street and Millennium come out on top.

Statements Do Not Prove Bullish Bet on XRP

THE form filed by Goldman Sachs with the SEC includes positions held as of June 30. Published on August 14, this data shows the real situation of the banking institution’s assets.

Banks report ETF shares, not XRP owned directly in their wallets. Managers also do not obtain individual ownership of the tokens held by the fund.

It should be noted that these positions serve various purposes. A bank can acquire shares for its customers, facilitate transfers or carry out an arbitrage operation. A company like Jane Street can also act as a market maker.

The 13F forms do not take stock of all coverage. A bank can therefore hold shares of XRP ETF while reducing its risk through futures contracts, options or other tools.

Goldman Sachs’ $87.45 million cannot therefore be presented as a recent acquisition of XRP. They also do not demonstrate that the bank still retains this exposure. Upcoming statements, expected in November, will indicate the progression of these positions.

Institutional capital remains a minority in ETFs

XRP ETFs had nearly $1.48 billion in net assets as of September 4. Indeed, their cumulative net inflows were around $1.68 billion, according to SoSoValue data.

The $183.47 million visible in institutional filings constitutes nearly 12.4% of net assets. The majority of holders therefore do not appear in the ranking. Thus, retail investors and institutions not subject to Form 13F complete the bulk of the market.

Flows also increased after the date covered by the declarations. From August 18, ETFs therefore recorded eleven consecutive positive sessions. This series captured almost 170 million dollars.

On September 3, the products raised another $6.14 million. Franklin Templeton dominated the session with $3.19 million, ahead of Bitwise and its $2.95 million. Then there was no flow on September 4th.

The presence of Goldman Sachs, Jane Street and Millennium certifies that XRP ETFs are now used by major financial players. It represents a signal of adoption of regulated products, but not yet proof of a lasting bullish conviction on XRP.