Goldman Sachs has made a significant disclosure regarding its holdings in the cryptocurrency market, revealing a stake of US$152.17 million (approximately AU$220 million) in four spot XRP exchange-traded funds (ETFs). This information was detailed in the bank’s recent SEC Form 13F filing, reflecting its holdings for the fourth quarter of 2025.
The breakdown of Goldman Sachs’ XRP holdings is as follows: US$39.82 million (AU$57.3 million) in the Bitwise XRP ETF, US$38.48 million (AU$55.4 million) in Franklin Templeton’s XRPZ, US$37.96 million (AU$54.6 million) in Grayscale’s GXRP, and US$35.91 million (AU$51.7 million) in 21Shares’ TOXR. Notably, Goldman Sachs now accounts for about 73% of the total US$211 million (AU$303.6 million) held by the thirty largest institutional investors in XRP ETFs. Despite this sizeable position, the overall institutional interest appears limited.
This marks Goldman Sachs’ first declaration of cryptocurrency exposure beyond Bitcoin (BTC) and Ethereum (ETH). The bank’s crypto ETF holdings have expanded significantly, including US$108 million (AU$155.4 million) in Solana ETFs and over US$1 billion (AU$1.44 billion) in BlackRock’s IBIT Bitcoin fund, thus totalling approximately US$1.26 billion (AU$1.81 billion) across its various cryptocurrency investments.
Unfortunately for XRP, the announcement has not positively impacted its price, as the token remains approximately 25% lower than its starting value of US$1.84 (AU$2.65) at the beginning of the year. Following the SEC’s approval of spot XRP ETFs in November 2025, there was a surge in net inflows, reaching US$1.28 billion (AU$1.84 billion) by mid-January. However, this figure has subsequently fallen to US$1.21 billion (AU$1.74 billion), representing a decline of US$70 million (AU$100.7 million).
CryptoQuant analyst Arab Chain reported that XRP’s 30-day realised volatility has decreased to 0.5266, marking its lowest level of 2026 thus far, which often precedes significant price movements. In contrast, on-chain activity on the XRP Ledger experienced a surge towards the end of March, with transaction volumes rising to between 190 and 200 transactions per ledger, causing an increase in transaction fees. Ripple’s former CTO David Schwartz notes that the network’s fee curve is designed to manage congestion by adjusting validator capacity in line with actual throughput.
As the cryptocurrency landscape evolves, the developments at Goldman Sachs reflect ongoing institutional interest in cryptocurrencies, even as the current market conditions for XRP remain uncertain.
