Jane Street Group, a major U.S. trading firm, is confirmed to have increased its shareholdings in Bitwise's XRP spot ETF to more than 1.2 million shares.

CoinPost, a blockchain media outlet, reported on Aug. 18 local time that Jane Street's holdings surged about 60-fold from 20,605 shares three months earlier.

The increase emerged in Jane Street’s 2026 second-quarter Form 13F filed with the U.S. Securities and Exchange Commission. The key point is a simple expansion in the size of its holdings. Still, Jane Street has strong characteristics of a large market maker that actively trades ETFs and options, making it difficult to conclude the larger position is a long-term directional bet on XRP.

In fact, Jane Street did not focus only on Bitwise. It also reported exposure related to XRP spot ETFs run by Franklin Templeton, Grayscale, Canary Capital and 21Shares. While its weighting in the Bitwise product increased sharply, it effectively chose a structure of spreading investment across multiple XRP ETFs overall.

This shows how institutional money is dealing with the XRP spot ETF market. Jane Street is a firm with strengths in market making and arbitrage. Therefore, even the large expansion in holdings should leave open the possibility it is part of providing liquidity across products or a trading strategy. The outlet noted the increase may differ from a simple judgment of long-term directional investing in XRP.

Bitwise's XRP spot ETF was listed a few weeks after Canary Capital's ETF began trading on Wall Street in November 2025. It is currently tallied as the largest XRP spot ETF by size, even compared with competing products such as those from Franklin Templeton and Grayscale.

Institutional holding trends have long been a subject of market interest. In fourth-quarter 13F disclosures as of Dec. 31, 2025, Goldman Sachs was reported as the largest institutional holder of XRP-related ETFs. Interest in institutional holdings also grew as multiple asset managers, including Bitwise, Franklin Templeton, Grayscale, Canary Capital and 21Shares, listed XRP spot ETFs in succession after November 2025.

Against this backdrop, Jane Street’s new disclosure shows the XRP spot ETF market has entered a stage where institutional capital competition is centered not on a single product but on products from multiple asset managers. With holdings of the Bitwise ETF exceeding 1.2 million shares, how much capital each institution allocates to which manager’s product is expected to emerge as a key point of attention in the XRP ETF market.