While Goldman’s large ETF holdings might seem like the bank’s own long-term directional bet, that is not necessarily the case. These holdings may have stemmed from market-making, basis trading, and the facilitation of client orders from wealth management accounts, rather than from a unified corporate strategy to back $XRP.
Jane Street followed with $16.6 million and Millennium Management with $16.2 million.
13F filings are quarterly disclosures that show many of the U.S.-listed stocks and funds held by large investment managers. They offer one of the few public windows into which professional firms are using the new $XRP ETFs, although they do not reveal whether those firms are also hedging the positions elsewhere.
Investment advisers were by far the largest category of reported holders, accounting for about $120 million of the $183 million disclosed across the filings. Hedge funds held about $25 million, brokerages held $17 million, and banks around $14 million.
Advisers also accounted for most of the increase during the quarter. Their holdings rose by about $90 million, compared with a $103 million increase across all categories.
As such, the institutional holdings and the inflow streak measure different things. The filings show who held the ETFs on June 30, while the nine-day run records fresh money entering the funds in late August and early September.
