Goldman Sachs has become the largest holder of the spot XRP ETF, with nearly $154 million in shares, according to data from Bloomberg Intelligence. As of the end of 2025, the top 30 holders collectively own approximately $211 million worth of shares. Analyst James Seyffart noted that only a small fraction of these investors are visible in 13F filings, as most do not file such documents. Eric Balchunas, another Bloomberg Intelligence analyst, suggested that the majority of these investments likely come from XRP "super fans" rather than typical retail investors. By the end of last year, cumulative inflows into spot XRP ETFs surpassed $1 billion, with total assets under management reaching $1.44 billion as of last week. Issuers of these ETFs include 21Shares, Bitwise Asset Management, and Franklin Templeton.