XRP ETFs Drew $321M in H1 as Goldman Took Largest Stake
Five U.S. spot XRP ETFs posted $320.8 million of net creations in H1 2026 even as holdings were marked $746.1 million below cost. Goldman Sachs reported $87.45 million of 13F exposure. C1 Fund allocated 17.5% to Ripple Labs.
U.S. spot XRP exchange-traded funds — products that hold the token itself rather than a futures contract — still took in net new capital through June. SEC filings for Bitwise, Canary Capital, Franklin Templeton, 21Shares, and Grayscale show $629.9 million of primary-market share creations, meaning new shares issued to authorized participants, against $309.1 million of redemptions. Net capital activity was +$320.8 million.
That inflow arrived while the same five funds marked their XRP at a fair value $746.1 million below accounting cost on June 30. The $746.1 million figure is a fund-level book gap on that date, not a realized loss and not every shareholder’s personal cost basis. Combined fair value was $947.3 million against $1.693 billion of accounting cost, or 44.1% below cost.
Shareholders in those funds, the five issuers, and the authorized participants who create and redeem shares are the parties sitting on that mark. Two later disclosures quantify the institutional side of the same demand: Goldman Sachs reported $87.45 million of XRP ETF exposure, the largest second-quarter 13F book, and NYSE-listed C1 Fund Inc. made Ripple Labs 17.5% of net assets.
The inflows were concentrated
The aggregate $320.8 million net figure was not a uniform bid across every product. Bitwise, Canary, and Franklin recorded $537.9 million of first-half creations against $53.3 million of redemptions, a net inflow of $484.5 million. About $9.90 left those three funds for every $100 that came in, while their combined XRP holdings sat 42.9% below accounting cost.
Bitwise took in $268.2 million of creations against $33.8 million of redemptions, a net +$234.4 million, with holdings $180.8 million below cost. Canary recorded $88.3 million created and $5.9 million redeemed, a net +$82.4 million, with a $229.2 million book gap. Franklin recorded $181.4 million created and $13.6 million redeemed, a net +$167.8 million, with holdings $174.5 million below cost.
Grayscale and 21Shares ran the other way. They recorded $92.1 million of creations against $255.8 million of redemptions, a net outflow of $163.7 million, or about 83% of all redemptions in the five-fund sample. Grayscale saw $180.8 million redeemed against $66.6 million created, a net -$114.2 million. 21Shares recorded $75.0 million of redemptions against $25.5 million of creations, a net -$49.5 million.
Enough new capital at Bitwise, Canary, and Franklin absorbed selling at the other two funds. Some of that pattern may be rotation out of higher-fee or legacy products rather than every shareholder cohort adding risk at once. REX-Osprey’s XRPR sits outside this comparison because of its 1940 Act structure — a different fund statute that can hold XRP through other funds.
Goldman rebuilt the largest 13F book
Second-quarter 2026 13F filings — the quarterly SEC reports of institutional securities holdings — show Goldman Sachs as the largest disclosed holder of U.S. spot XRP ETFs. The bank reported $87.45 million of exposure, linked to more than 84 million XRP.
Goldman increased that exposure by 83.15 million XRP during the quarter. It rebuilt the position across Bitwise, Franklin Templeton, Canary Capital, 21Shares, and Grayscale. That reverses the first quarter of 2026, when Goldman had exited after holding about $154 million of exposure at the end of 2025.
The next four disclosed holders — Jane Street Group, Millennium Management, Intesa Sanpaolo, and Marex UK Holdings — reported a combined $55.4 million. That is less than Goldman’s single line.
U.S. spot XRP ETFs launched in late 2025. Cumulative net inflows have been put at about $1.8 billion, a figure Bloomberg ETF analyst James Seyffart also used when he called demand “surprisingly resilient.” Assets across the XRP ETF market have been estimated in a $1.4 billion to $1.5 billion range, which moves with the token and is not a single settled print. The Bitwise XRP ETF recently surpassed $500 million of assets.
C1 Fund made Ripple Labs its top holding
Separately, C1 Fund Inc. (NYSE: CFND) disclosed second-quarter 2026 holdings with Ripple Labs as its largest position, at 17.5% of net assets. That is an allocation to the company, not a disclosed sleeve of XRP ETF shares.
Kraken parent Payward was second at 16.9%. The fund reported net asset value — the per-share worth of its holdings — of $6.49. It said the Ripple stake generated 150% in four months, a result it partly credited to Ripple’s own share repurchase program.
C1 deployed $33.07 million across 11 private digital companies, up from seven, and added Polymarket during the quarter. The filing is evidence of institutional demand for Ripple-related equity alongside the ETF flow. It is not a substitute for the $320.8 million of ETF creations.
What remains unknown
The $746.1 million June 30 gap is an accounting mark between recorded cost and fair value. How much of it has closed or widened since then is not established in these filings.
It is also not established how much of the $320.8 million net creation was new long-term capital versus rotation among the five funds. Grayscale and 21Shares absorbed most of the selling. Whether that redemption pattern spreads is not in the documents.
Goldman’s $87.45 million 13F line is a quarter-end snapshot. It does not show whether the bank still holds that size, or how the position is hedged. C1 Fund’s 17.5% Ripple Labs weight does not map onto XRP ETF shares or onto a token quantity.
Assets in the XRP ETF market remain in a $1.4 billion to $1.5 billion range in secondary estimates. A clean, current total for the whole complex is not in the SEC tables used here. Cumulative inflow tallies also differ by date: nearly $1.6 billion by August 24, $1.64 billion by August 29, and Seyffart’s $1.8 billion at month-end. The five funds held roughly 906.8 million XRP at June 30. Later token counts are not in these filings.