Goldman Sachs Takes Largest Institutional Stake in Spot XRP ETFs at $153.8 Million

Goldman Sachs has emerged as the largest institutional holder of spot XRP ETFs, disclosing roughly $153.8 million in XRP-linked fund exposure through its Q4 2025 13F filing with the SEC, according to reporting by multiple crypto outlets that parsed the document. The position, first highlighted by Eleanor Terrett, host of Crypto In America, represents a newly initiated allocation the bank made during the fourth quarter rather than an incremental expansion of an existing stake.

The XRP holding is part of a broader crypto footprint that totals approximately $2.36 billion across four digital assets, all held through spot exchange-traded funds rather than direct token custody. Goldman holds between $1.06 billion and $1.1 billion in Bitcoin exposure, primarily through 20.7 million shares of BlackRock's IBIT ETF plus related options positions, making Bitcoin its single largest crypto allocation at roughly 45 to 47 percent of the total. Ethereum follows at just over $1 billion, accounting for about 42 percent. XRP at $153.8 million represents approximately 6 to 7 percent of the total, and a new Solana position of $108 million rounds out the portfolio at roughly 4 to 5 percent.

The strategic picture that emerges from the Q4 filing is one of deliberate rotation. Goldman trimmed its Bitcoin ETF holdings by approximately 39 to 40 percent during the quarter and cut Ethereum exposure by roughly 27 percent, while simultaneously opening the XRP and Solana positions for the first time. Multiple outlets characterize the Bitcoin and Ethereum reductions as likely routine rebalancing amid market volatility rather than a retreat from crypto broadly. The bank's overall crypto ETF allocation still increased 15 percent quarter-over-quarter and represents about 0.33 percent of Goldman's reported portfolio. Goldman manages more than $3.5 trillion in assets.

The decision to operate entirely through spot ETFs rather than holding tokens directly is a structural choice, not an incidental one. For a large U.S. bank, spot ETFs are SEC-regulated securities that fit within traditional portfolio accounting without requiring direct wallet custody or private key management. As Coinpedia noted, this approach follows the pattern Goldman adopted after spot Bitcoin ETF approvals cleared in 2024, when the firm moved from skepticism toward active participation in regulated crypto vehicles.

The XRP ETF market Goldman is entering has attracted sustained inflows. Total net assets of U.S. spot XRP ETFs now exceed $1.04 billion, and since their launch there have been only four days of outflows across 56 trading days, according to Fxleaders. Total inflows into the category have surpassed $1 billion since November 2025.

The filing lands at a sensitive moment for crypto policy. Executives from Ripple and Coinbase have been publicly debating regulatory framework questions that have contributed to delays in the passage of the Clarity Act, with stakeholders yet to reach a compromise. Goldman CEO David Solomon is scheduled to speak at the World Liberty Financial Forum in Palm Beach this week, a venue where institutional positioning on digital assets is likely to be a central subject.