Goldman Sachs, which completely sold off in Q1, why did it aggressively buy up Ripple (XRP) again?

▲ XRP, Goldman Sachs / AI Generated Image ©

Goldman Sachs, a leading Wall Street investment bank, has emerged as the largest institutional holder of spot XRP (Ripple) exchange-traded funds (ETFs) listed on the US stock market, aggressively re-injecting capital.

According to crypto media outlet Finbold on September 1 (local time), an analysis of 2026 Q2 13F reports shows that Goldman Sachs ranked first among institutional investors who disclosed their positions to the US Securities and Exchange Commission (SEC). Goldman Sachs' spot XRP ETF exposure is $87.45 million, linked to over 84 million XRP. This quarter alone, it increased its XRP ETF exposure by 83.15 million units, showing the most significant institutional accumulation in the market.

This marks a dramatic turnaround after a complete liquidation in 2026 Q1. Goldman Sachs held an exposure of approximately $154 million at the end of 2025 but closed its position in Q1 of this year. However, in Q2, it rebuilt its position by distributing funds across multiple spot ETFs launched by Bitwise, Franklin Templeton, Canary Capital, 21Shares, Grayscale, and others.

According to Bloomberg Intelligence data, Goldman Sachs significantly outpaced other institutions. Its exposure far exceeds the combined XRP ETF exposure of $55.4 million from the four major holders ranked 2nd to 5th: Jane Street Group, Millennium Management, Intesa Sanpaolo, and Marex UK Holdings.

The spot XRP ETF, first introduced in the US at the end of 2025, has attracted cumulative net inflows of $1.8 billion since its launch, with total assets under management (AUM) estimated to be between $1.4 billion and $1.5 billion, depending on price fluctuations. Recently, Bitwise's XRP ETF surpassed $500 million in AUM, indicating continued demand for regulated investment products. However, market experts assess that the effect of ETF approval was already priced in, merely following the overall market trend. As of the time of reporting, the price of XRP is trading at $1.36, down approximately 8.5% from last week.

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