Institutional investors disclosed $183.5 million of exposure to U.S. spot XRP exchange-traded funds at the end of the second quarter, based on Bloomberg Intelligence data shared by ETF analyst James Seyffart. The reported positions equated to about 176.4 million XRP held through ETF shares rather than direct ownership of the token.

Among the named filers, Goldman Sachs ranked first by a wide margin, followed by Jane Street and Millennium Management. The filings offer a snapshot of which large investment managers reported positions as of June 30, while also underscoring that 13F data do not fully explain why the positions were held or how long they remained in place after the reporting date.

Goldman Sachs topped the disclosed holder list

Goldman Sachs Group reported the largest disclosed spot XRP ETF position, with $87.45 million in exposure, representing roughly 84.05 million XRP, according to the Bloomberg compilation cited in the report. The bank’s equivalent exposure increased by about 83.15 million XRP during the quarter.

Jane Street Group ranked second with $16.64 million in ETF exposure, equal to nearly 16 million XRP, including an increase of around 13.57 million XRP over the period. Millennium Management followed with $16.20 million tied to about 15.58 million XRP, though its equivalent XRP exposure rose by only 22,991 during the quarter.

Goldman’s Form 13F was filed with the U.S. Securities and Exchange Commission on Aug. 14 and covered holdings as of June 30. The rankings discussed in the source are based on disclosed positions in second-quarter 13F filings.

Investment advisers made up the largest category

By holder type, investment advisers accounted for the biggest share of reported exposure. That group held $120.89 million in spot XRP ETF positions, representing approximately 116.20 million XRP, and its equivalent XRP exposure increased by 90.64 million during the quarter.

Hedge fund managers ranked second with $25.08 million in exposure tied to about 24.11 million XRP. Brokerages reported $17.85 million, representing 17.16 million XRP after adding exposure, while banks held $14.83 million connected to 14.25 million XRP.

Smaller reported categories included holding companies with $1.24 million in exposure, trusts with $88,729, and corporations with $78,005. Across all categories, disclosed holdings totaled $183.47 million and represented about 176.35 million XRP, with combined equivalent XRP exposure rising by 103.37 million in the second quarter.

What 13F filings do and do not show

The source article noted that Form 13F disclosures cover certain securities positions reported by institutional investment managers that oversee at least $100 million in qualifying assets. In this case, the filings reflect ETF shares, not direct XRP held on-chain or in institutional wallets.

That distinction matters because ETF positions can be used for several purposes, including market-making, arbitrage, hedging, or broader portfolio management. A reported stake in a spot XRP ETF therefore indicates indirect exposure through a listed fund, but it does not necessarily signal a straightforward directional bet on XRP itself.

The filings also provide only a dated snapshot. They show what was held at the end of the quarter and do not by themselves reveal whether the positions were later increased, reduced, or closed.

Spot XRP ETF assets remain sizable

Beyond the 13F disclosures, the U.S. spot XRP ETF segment continued to hold substantial assets. As of Sept. 4, the category had about $1.48 billion in combined net assets, while cumulative net inflows remained near $1.68 billion, according to the source.

The report said the Bitwise XRP ETF had surpassed $500 million in assets nine months after launch. As of Sept. 3, its holdings data showed about 362 million XRP valued at $507.5 million, along with 32.41 million shares outstanding and a 0.34% expense ratio.

Other U.S. products offering spot XRP exposure mentioned in the report included Canary Capital’s XRPC, Franklin Templeton’s XRPZ, Grayscale’s GXRP, 21Shares’ TOXR, and REX-Osprey’s XRPR. The next confirmed benchmark for the market will be future fund asset updates and another round of institutional filings showing how reported ETF exposure changed after the second quarter.

Source: news.bitcoin.com