Shares of the Bitwise XRP ETF slipped 2.2% to $16.60 in pre-market trading on May 15, cooling off after a 6.93% rally the session before. The catalyst: a quarterly 13F filing revealed that JPMorgan Chase, the largest U.S. bank, had zeroed out its entire XRP ETF position — and poured the proceeds into Bitcoin and Solana instead. For holders of XRP-linked products, the question is whether this signals a one-off portfolio tweak or a broader institutional rethink of the token's place in crypto allocations.
JPMorgan Sold Every Last Share — and the Numbers Are Stark
The company liquidated its entire position in the Bitwise XRP ETF, selling all 3,870 shares previously held over the last quarter and fully exiting from XRP-related funds. The exit was not a trim — it was a complete liquidation. Meanwhile, JPMorgan increased its stake in BlackRock's iShares Bitcoin Trust by 174%, boosting holdings from 3 million shares to 8.3 million, adding $162 million in value.
For the first time, JPMorgan also opened a position in a Solana staking ETF, acquiring 47,460 shares for an estimated $523,000. The message is clear: the bank wants crypto exposure, just not through XRP.
XRP's Institutional Story Isn't Dead — But It Just Lost a Headline Name
Goldman Sachs disclosed a $153.8 million position in spot XRP ETFs through its Q4 2025 13F filing, making it the single largest known institutional holder of XRP ETF shares in the United States.
Seven U.S. spot ETFs now hold $1.53 billion in assets and 773 million XRP tokens in custody. JPMorgan's 3,870-share stake was a rounding error in dollar terms, but Wall Street's biggest bank walking away entirely carries symbolic weight that can chill sentiment among smaller allocators who follow its lead.
XRP Is Underperforming While Rivals Make New Highs
XRP is down 7% year-to-date; while Bitcoin and Solana have made new highs in 2026, XRP has not.
That underperformance suggests the post-litigation regulatory boost is already priced in, and the next leg up needs a new catalyst — whether that is passage of the CLARITY Act or a major new banking partnership.
The ETF Flow Picture Is Mixed Heading Into Summer
April posted $81.5 million in total XRP ETF inflows, and May is shaping up to possibly top that, with over $60 million collected in roughly two weeks. But on the very day JPMorgan's exit was disclosed, XRP ETFs recorded no meaningful trading activity while Solana ETFs pulled in $5.97 million. Investors should watch whether the bank's departure triggers copycat selling — or whether Goldman's far larger commitment keeps the institutional floor intact.