XRP ETF Holdings Reflect Limited Market Exposure, Analyst Says

On March 11, Bloomberg Intelligence analyst James Seyffart noted that the publicly disclosed holdings of spot XRP ETFs represent only a small portion of the market. According to BlockBeats, this is due to the fact that most investors are not required to submit 13F filings. Data shows that by the end of 2025, the top 30 holders of spot XRP ETFs will collectively hold approximately $211 million in shares, with Goldman Sachs leading with around $154 million. Seyffart also highlighted that the cumulative net inflow into spot XRP ETFs has exceeded $1 billion by the end of 2025, and as of last week, the assets under management (AUM) of related funds were approximately $1.44 billion. Another Bloomberg Intelligence analyst, Eric Balchunas, suggested that these investors are likely to be 'super fans' from the XRP community rather than ordinary retail investors. Several institutions have launched spot XRP ETF products, including 21Shares, Bitwise Asset Management, and Franklin Templeton. Among them, 21Shares' spot XRP ETF has become its most popular altcoin fund product. Additionally, Ripple CEO Brad Garlinghouse recently stated at an XRP event that XRP is the company's 'North Star.'