Solana and XRP exchange-traded funds are attracting distinct investor bases, with Solana ETFs drawing significant institutional participation while XRP ETFs appear heavily skewed toward retail investors, according to analysis of 13F filings.
Goldman Sachs emerged as the largest known holder of both products with approximately $107 million in Solana ETFs and $154 million in XRP ETFs as of December 31, 2025, though only a fraction of total ETF assets are visible in regulatory disclosures.
Contrasting Investor Profiles Emerge
Solana ETF Institutional Concentration
Approximately 49 percent of assets in U.S. spot Solana ETFs were identifiable through 13F filings as of December 31, 2025, revealing a strong institutional footprint. Investment advisers accounted for the largest share of reported holdings with roughly $270 million in exposure, followed by hedge funds with approximately $186 million.
The largest known Solana ETF holders include Electric Capital Partners with approximately $138 million, Goldman Sachs with $107 million, Elequin Capital with $88 million, SIG Holding with $60 million, and Multicoin Capital with $31 million. Morgan Stanley, Wolverine Asset Management, VanEck Associates, and Citadel Advisors also appear in the institutional holder list.
“The early holder base remains top-heavy and skewed toward crypto-focused investment firms and market makers, suggesting broader institutional participation is still building.”
XRP ETF Retail Dominance
In contrast, only about 16 percent of XRP ETF assets were identifiable through 13F filings, indicating a much smaller institutional footprint and suggesting the remaining shares are likely held by investors who do not file disclosures, including retail buyers.
Only “a small portion” of spot XRP ETF investors are visible in filings because “the vast majority don’t file 13Fs.” The unidentified holders are “largely XRP super fans versus casual retail.”
Despite the retail tilt, XRP ETFs have gathered significant assets, attracting more than $1.4 billion in the six weeks after launching in November 2025 and holding those gains into 2026.
Goldman Sachs Leads Known Holders
XRP ETF Position
Goldman Sachs emerged as the largest known investor in spot XRP ETFs, holding nearly $154 million worth of shares as of December 31, 2025. The investment bank’s total cryptocurrency ETF exposure now exceeds $2.3 billion, including positions in Bitcoin and Ethereum ETFs, though the firm reduced its Bitcoin and Ethereum holdings while opening new XRP and Solana positions.
The bank’s XRP ETF holdings represent a significant vote of confidence in the regulated product structure, allowing institutional exposure without direct token custody.
Solana ETF Position
Goldman Sachs also holds approximately $107 million in Solana ETFs, ranking as the second-largest known holder behind Electric Capital Partners. The firm’s dual positioning in both altcoin ETFs reflects a diversification strategy within regulated cryptocurrency products.
Market Context and ETF Performance
Solana ETF Resilience
Solana ETFs have attracted approximately $1.45 billion in cumulative net inflows since their July 2025 launch, representing about 2.5 percent of the amount that spot Bitcoin ETFs have amassed. This inflow occurred despite SOL’s price declining more than 50 percent since October, demonstrating resilient demand.
When adjusted for market capitalization differences, Solana’s inflows are equivalent to approximately $54 billion for Bitcoin—roughly double what Bitcoin ETFs attracted at the same stage.
XRP ETF Stability
XRP ETFs accumulated more than $1 billion in their first six weeks following November 2025 launch and have largely held those gains into 2026, even with XRP down approximately 26 percent year-to-date. The stability in assets despite weaker futures activity suggests demand reflects direct market views rather than derivatives-driven arbitrage.
Total assets under management for spot XRP funds reached $1.44 billion as of March 2026. Issuers include 21Shares, Bitwise Asset Management, and Franklin Templeton, with 21Shares’ XRP ETF standing as its most popular altcoin-based fund.
Implications and Analyst Views
Divergent Paths
The findings show how newer crypto ETFs are developing distinct investor bases as the market matures. While Bitcoin funds have drawn broad institutional adoption, Solana products are attracting crypto-native institutional capital, and XRP ETFs are drawing a larger share of retail investors.
XRP Community Factor
XRP has maintained one of the largest and most vocal retail communities in crypto, with millions of holders worldwide. Speaking at an XRP event in February 2026, Ripple CEO Brad Garlinghouse called the token his company’s “North Star.”
Cautious Interpretation
Only firms managing more than $100 million in qualifying securities must file 13F reports, meaning the disclosed holders represent just a portion of total ETF ownership. The vast majority of ETF investors remain unidentified in regulatory filings.
FAQ: Solana and XRP ETF Investor Base
Q: How much do Goldman Sachs and other institutions hold in Solana ETFs?
A: Goldman Sachs holds approximately $107 million in Solana ETFs, ranking second among known holders behind Electric Capital Partners with $138 million. Other institutional holders include Elequin Capital ($88 million), SIG Holding ($60 million), and Multicoin Capital ($31 million).
Q: Why are XRP ETFs considered retail-dominated?
A: Only about 16 percent of XRP ETF assets are identifiable through 13F filings, compared to approximately 49 percent for Solana ETFs. This suggests the vast majority of XRP ETF holders are retail investors who do not file regulatory disclosures.
Q: How much has Goldman Sachs invested in XRP ETFs?
A: Goldman Sachs holds nearly $154 million in spot XRP ETF shares as of December 31, 2025, making it the largest known institutional holder of these products.
Q: How have Solana ETFs performed despite price declines?
A: Solana ETFs have attracted approximately $1.45 billion in cumulative net inflows since July 2025 despite SOL’s price declining more than 50 percent. When adjusted for market cap, this inflow is equivalent to $54 billion for Bitcoin.
Q: What is the total assets under management for XRP ETFs?
A: Spot XRP funds had amassed $1.44 billion in combined assets under management as of March 2026, holding largely steady after launching in November 2025.
