Goldman Sachs' holdings of XRP exchange-traded funds (ETFs) have once again become a focus of market attention. As XRP shows a strong rebound recently, analysis suggesting that Goldman Sachs, which once significantly reduced related positions, has regained exposure through multiple XRP ETFs is drawing keen interest in where institutional money is heading.

$86.5 Million Diversified Across 5 XRP ETFs

DavidTheBuilder, active in the CoinMarketCap community, recently reported that Goldman Sachs held approximately $86.5 million worth of XRP ETF-related positions as of the end of the second quarter this year. Rather than concentrating funds in a single product, the holdings are said to be spread across multiple products including Bitwise, Franklin Templeton, Canary, 21Shares, and Grayscale.

Similar content appears in other crypto market sources. A market post released on the 21st also claimed that Goldman Sachs held a total of around $86.5 million across XRP ETFs from Bitwise, Franklin Templeton, Grayscale, Canary, and 21Shares as of the second quarter.

Figures Vary by Source... $154 Million Estimate Also Emerges

However, data on the scale of Goldman Sachs' XRP-related investments shows considerable differences depending on the reference point. Previously released analysis indicated that Goldman Sachs held approximately $154 million worth of XRP spot ETFs at the end of 2025, the largest among major institutions. Other recent reports also cited around $153.8 million in XRP ETF holdings. Accordingly, positions may have changed significantly through quarterly trading, and some assessments say the portfolio changes themselves deserve more attention than simple holding amounts.

What 13F Filings Do and Do Not Tell Us

Institutional investors' 13F filings show holdings as of the end of a quarter, so they may differ from actual trading after the filing, and holding ETF shares does not mean directly purchasing XRP.

Nevertheless, continued exposure through multiple XRP ETFs can be interpreted as an example showing that institutional investors are modestly expanding their investment scope beyond Bitcoin. As XRP-related products continue to appear in the U.S. securities market, traditional financial institutions now have expanded channels to access price movements through regulated products without holding tokens directly.

XRP Surges 40% in a Week... Multiple Factors Behind the Rise

XRP's price has also moved rapidly in line with the broader crypto market rebound. DavidTheBuilder analyzed that XRP rose more than 40% in a week with trading volume increasing significantly. However, the recent price surge was also driven by overall market movements such as Bitcoin's strength and recovering risk appetite, making it difficult to attribute the rise solely to Goldman Sachs' ETF holdings.

What to Watch: Fund Flows and Quarterly Holding Changes

Going forward, fund flows into XRP spot ETFs and institutions' quarterly holding changes are expected to be key indicators. In particular, whether the trend of large financial institutions like Goldman Sachs increasing their allocations to related products spreads to other institutions could serve as one clue in judging institutional demand in the XRP market.

[This article was written with AI assistance. Cryptocurrencies and crypto-related ETFs can exhibit high price volatility. Institutional 13F filings represent holdings at a specific point in time and do not indicate current holdings or future investment direction. This article is not intended to recommend the purchase or sale of any specific cryptocurrency or financial product, and investment decisions and responsibilities rest with the investor.]