U.S. spot XRP ETFs draw $1.5B; Goldman holds $153.8M

In an April 17 insight, Ripple reported U.S. spot XRP exchange-traded funds recorded no net outflow days in their first month and had more than $1.5 billion in cumulative inflows by early March. The firm said combined custody across the tracked products exceeded 769 million XRP. Goldman Sachs disclosed a $153.8 million position in a Q4 2025 13F filing.

Ripple identified late 2025 as a turning point for institutional interest in XRP, citing regulatory clarity, the development of futures markets and a quicker path for exchange-traded product approvals. The paper listed fund launches from Canary Capital, Bitwise, Grayscale, Franklin Templeton, 21Shares and REX-Osprey as sources of institutional capital for the asset.

The insight provided timeline and flow data: U.S. spot XRP ETFs reached $1 billion in cumulative inflows by Dec. 16, 2025, and surpassed $1.5 billion by early March. JPMorgan is cited in the report with a projection of $4 billion to $8.4 billion in first-year inflows for XRP ETFs; Ripple noted broader market conditions will affect actual results.

Ripple pointed to futures activity as evidence of institutional engagement before spot products launched. CME-listed XRP futures reached $1 billion in open interest faster than any prior CME crypto futures contract, according to the report.

The company referenced public institutional filings, noting Goldman Sachs’ $153.8 million stake and filings linked to other firms including Millennium and Citadel. Ripple reported the tracked U.S. spot ETFs held more than 769 million XRP in combined custody.

The paper outlined on-chain uses for the XRP Ledger, including payments, liquidity provision, tokenized assets and stablecoin-linked settlement, and described ledger activity as related to the trading and custody figures for ETFs and futures. Ripple wrote: “In the space of a few months at the end of 2025, XRP became one of the most actively adopted digital assets in the regulated spot ETF market, attracting capital from some of the most influential names in traditional finance and cementing its place in the institutional allocation conversation.” The insight concluded: “What’s clear is that XRP is no longer knocking on the door of institutional finance. It’s arrived.”