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Data from SEC EDGAR filings: company financials and 13F holdings.

Disclaimer: QW Research is provided for informational and educational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Data is derived from public SEC 13F filings and may be incomplete, delayed, or inaccurate. Do not make investment decisions based on this content. QW Research does not share in any profits and accepts no liability for any losses or decisions made using this information. Past performance does not predict future results.

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XRP — Fundamentals, Valuation & Ownership | QW Research

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Bitwise XRP ETF (XRP)

Distributing

Strong institutional distribution: ownership decreased -7.54% quarter-over-quarter.

Data as of Q1 2026

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Institutional Ownership

11.5%

of shares outstanding · 62 funds hold it

Ownership Change

7.54 pts

institutions trimmed their stake last quarter

Crowding

84ᵗʰ pctl

more crowded than 84% of tracked stocks

Institutional Value

$29.0M

total position value across all 13F filers

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Institutional Holders

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No collected fundamentals to build a valuation model.

No collected fundamentals for a quality & risk analysis.

No collected fundamentals for a dividends & returns analysis.

No collected fundamentals for a capital-allocation analysis.

No collected fundamentals for a debt & leverage analysis.

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Buy / Sell Volume by Quarter

Total shares institutions bought (green) vs sold (red) each quarter across all holders.

Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.

Conviction-Weighted Ownership

Median weight: 0.02%Avg weight: 0.34%Max: 1.41%High conviction (>1%): 2

MILLENNIUM MANAGEMENT

KALEIDOSCOPE CAPITAL

Refined Wealth Management

IronBridge Private Wealth,

Sloy Dahl & Holst,

WOLVERINE ASSET MANAGEMENT

SUSQUEHANNA INTERNATIONAL GROUP, LLP

CITADEL ADVISORS

Cetera Investment Advisers

Ownership Map

Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.

Size by

Drag any bubble to rearrange · size = dollar value of the position

Ownership Map

Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.

Size by

Drag any bubble to rearrange · size = dollar value of the position

Institutional Trends (2 Quarters)

Crowding AnalysisCrowded

Holders62of 5,944

Avg: 68

Uncrowded84th percentileCrowded

Institutional Activity

Buy/Sell Ratio5.11x

66th percentile

46 buying9 selling

+34

New

-5

Closed

-1,279,951

Net shares

Ownership Concentration

Top 5: 64.3%Top 10: 79.8%

MILLENNIUM MANAGEMENT25.5%

Marex Group14.7%

KALEIDOSCOPE CAPITAL10.8%

Refined Wealth Management7.6%

IronBridge Private Wealth,5.6%

Others (57)35.7%

Crowding AnalysisCrowded

Holders62of 5,944

Avg: 68

Uncrowded84th percentileCrowded

Institutional Activity

Buy/Sell Ratio5.11x

66th percentile

46 buying9 selling

+34

New

-5

Closed

-1,279,951

Net shares

Ownership Concentration

Top 5: 64.3%Top 10: 79.8%

MILLENNIUM MANAGEMENT25.5%

Marex Group14.7%

KALEIDOSCOPE CAPITAL10.8%

Refined Wealth Management7.6%

IronBridge Private Wealth,5.6%

Others (57)35.7%

Not enough quarter-end price history for a performance view. (Run collect_prices.py for this ticker.)

We haven't collected financials for XRP yet, so it can't be scored against its Financial Services peers.