Goldman Sachs becomes the largest holder of spot XRP ETF, analysts say a large number of "super fan" investors remain undisclosed

According to The Block, data shared by Bloomberg Intelligence analyst James Seyffart shows that by the end of 2025, the top 30 holders of the spot XRP ETF will hold approximately $211 million in shares, with Goldman Sachs being the largest holder at nearly $154 million.

Seyffart pointed out that only "a small portion" of investors are visible in the 13F filings, as "the vast majority do not submit 13F filings." Another Bloomberg Intelligence analyst, Eric Balchunas, speculated that this mainly comes from XRP "superfans" rather than ordinary retail investors.

Data shows that by the end of last year, cumulative inflows into the spot XRP ETF had exceeded $1 billion, and as of last week, total assets under management reached $1.44 billion. Currently, institutions issuing spot XRP ETFs include 21Shares, Bitwise Asset Management, and Franklin Templeton, among others.