SEC filings show steady drip of US advisers into XRP exchange-traded funds
Quarterly SEC disclosures reveal small but growing XRP ETF stakes from US registered investment advisers, as combined fund assets near $684m.
A steady stream of routine disclosures to the US Securities and Exchange Commission is emerging as the clearest evidence yet that registered investment advisers, rather than retail traders, are the ones quietly building exposure to XRP exchange-traded funds. The latest filing came from Gerber, an Ohio-based adviser managing roughly $592 million in client assets, which reported buying 12,958 shares of the Franklin XRP ETF.
The position is modest in dollar terms, but it fits a pattern that has become visible only through the SEC’s disclosure regime for institutional managers. Over the preceding fortnight, at least three other advisers filed similar paperwork: Gallacher Capital Management disclosed 86,744 shares of the Canary XRP ETF worth around $961,126 on 17 July; Vista Finance reported 129,958 shares of the Franklin XRP ETF, valued at roughly $11.45 million, a day earlier; and Michigan-based CPR Investments disclosed 36,619 shares of the ProShares Ultra XRP ETF worth about $363,627 on 15 July.
What the paper trail actually shows
None of these allocations approaches the scale routinely seen in spot Bitcoin ETF filings from institutional managers, and analysts have been careful to note that. What the filings do establish, however, is that mainstream wealth managers now treat XRP-linked products as investable line items rather than speculative curiosities — a distinction that matters for a token whose issuer, Ripple, spent years contesting SEC enforcement action before the asset’s ETF wrappers could reach US shelves.
Fund flow data compiled alongside the filings points the same way. Net inflows into US spot XRP ETFs were recorded at 532,500 XRP on 27 July, following 5.09 million XRP on 21 July, 2.27 million XRP on 20 July and 6.10 million XRP on 16 July. Combined assets across the US XRP ETF complex now stand at approximately $683.66 million.
A three-way race among issuers
The Bitwise XRP ETF leads the field with around $243 million under management, ahead of the Canary XRP ETF at nearly $223 million and the Franklin XRP ETF with roughly $167 million. That spread suggests investors are not simply defaulting to the largest legacy asset manager’s product, but weighing structure, fees and liquidity across a genuinely competitive shelf of issuers.
For European readers accustomed to a single MiCA-licensed passporting regime, the US pattern looks fragmented by comparison: separate issuers, separate 13F-style disclosures, and no consolidated public register of institutional XRP exposure beyond what individual advisers choose, or are required, to file. Yet that very fragmentation is what allows outside observers to piece together a picture of adoption trend by trend, filing by filing, rather than through issuer marketing.
Whether this incremental build-up from smaller advisers converts into the kind of large pension and endowment allocations already seen in Bitcoin products remains untested. XRP’s ETF assets remain a fraction of Bitcoin’s institutional footprint, and the regulatory clarity that unlocked these products came only after protracted litigation. For now, the filings offer regulators, and rivals, a granular real-time gauge of how deep institutional appetite for XRP genuinely runs.
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