Key Highlights
- U.S. spot XRP ETFs have recorded consistent flows, surpassing $1.5 billion by early March 2026.
- The ETFs did not register any net outflows in their first month, demonstrating initial interest from investors.
- More than 769 million XRP tokens are currently held in custody within various ETF products.
U.S. spot XRP ETFs, after their launches in late 2025, witnessed positive flows, with some institutions taking up positions at the same time.
As per the official announcement, the products entered the market following the regulatory developments in mid-2025 that offered greater clarity for crypto ETPs. The SEC’s roll out of generic listing standards reduced the approval timeline for some commodity-based products.
Regulated XRP futures, which started trading on Bitnomial in March 2025 and on the CME in May 2025, achieved the six-month seasoning need and offered institutional-grade pricing.
No outflows in the first month
On November 13, 2025, Canary Capital’s XRPC became the first spot XRP ETF, followed by Bitwise’s XRP ETF on November 20, and Grayscale’s GXRP on NYSE Arca on November 24, 2025. There was also Franklin Templeton’s XRPZ and 21Shares’ TOXR.
The REX-Osprey’s XRPR ETF had been trading since September 2025. From the information presented, the spot XRP ETFs did not have any days with net outflows in the first month after launch.
As of December 16, 2025, cumulative inflows had topped one billion dollars. Total cumulative inflows had passed one and a half billion dollars by early March 2026, with over 769 million XRP tokens held in custody across the five ETFs. Inflows have persisted at a steady rate despite periods of price volatility in XRP.
According to Matthew Hougan, Bitwise’s CIO, persistent buying in spite of difficult market conditions implies institutional investors were making considered allocations as opposed to responding to momentum. He observed that XRP was being used as part of a diversified cryptocurrency strategy alongside Bitcoin and Ethereum.
The institutional adoption
The financial institution Goldman Sachs revealed that it held a portfolio of XRP spot ETFs valued at $153.8 million and was hence the largest holder of this ETF, as per the Q4 2025 filing of 13F.
This portfolio was composed of different ETF funds, namely Bitwise’s ETF, Franklin Templeton’s XRPZ, Grayscale’s GXRP, and 21 Shares’ TOXR. Altogether, the top 30 institutions revealed they were holding a total amount of approximately $211 million in XRP ETF funds.
Other institutions that held ETF funds include Millennium Management and Citadel Advisors. From the filings, one can see that there has been an increase in the exposure from institutions that were getting access to XRP via OTC desk and private placement in earlier days. Grayscale has turned an XRP private trust into a GXRP ETF.
As of April 2026, there are seven spot XRP ETFs listed in the United States with combined assets under management totaling approximately $1.53 billion.
The structural shift
Institutional exposure to the asset saw a structural shift in the form of the launch of spot XRP ETFs towards the end of 2025. Within the first few months of its release into the market, the investment vehicles generated consistent net flows and were invested in by at least one institution, including Goldman Sachs.
Although the total amount held within the category currently stands at about $1.53 billion, it is still a new asset class. Going forward, future flows will depend on prevailing market conditions and the usefulness of the asset.
Also Read: Morgan Stanley Spot ETF MSBT Logs 8 Straight Inflow Days
