Citadel’s XRP ETF Filing Looks Like Dealer Inventory

Citadel Advisors reported about $7.5 million across XRP exchange-traded funds and options in its second-quarter 13F, a two-sided book inside an $875.1 billion filing. The same snapshot that shows a 764% jump in 2x XRP calls also shows more XRPI puts than XRPI shares, and a Bloomberg Intelligence tally found Citadel’s spot XRP ETF exposure fell $645,000.

The filing is a June 30 picture, restated on September 2. Spot XRP funds kept taking cash in August and early September, and Armada Acquisition Corp. II still has to vote on a Ripple-backed treasury listing. None of that turns a dealer-sized options stack into a house view on the token.

Citadel’s XRP Book Totals $7.5 Million in the 13F

Citadel Advisors LLC, the hedge fund founded by Ken Griffin, signed a restatement of its June holdings on September 1. Chief compliance officer Seth Levy filed it the next day. The cover page lists 16,122 information-table lines and a restated June 13F of $875 billion, or $875,011,794,337.

That headline value was up 41.49% from $618.5 billion, a $256.6 billion rise. Almost all of that move sits in index and single-stock options, not in crypto funds. The largest line in one 13F rundown is $35.66 billion of SPY calls. The XRP ETF complex, added together, is $7,547,138.

Form ADV figures sit on a different scale. Citadel Advisors reported $65,017,503,000 of discretionary assets as of December 31, 2025. The 13F number is a long-securities snapshot that counts option positions at the values the form requires, which is why it can print as $875.1 billion while the advisory brochure prints $65.0 billion.

CITADEL’S JUNE 13F IN ONE PASS

• Reported value: $875.1 billion as of June 30, 2026, up 41.49% from $618.5 billion.
• Table size: 16,122 information-table entries on the September 2 restatement.
• XRP ETF lines: $7,547,138 across shares, calls, and puts in six products.
• Advisory AUM: $65,017,503,000 of discretionary assets in the year-end brochure.

XRP closed that quarter near $1.04, which is the price grid those 13F values sit on. A later bounce in the token does not rewrite the June 30 lines.

Options Make Up 80% of the $875.1 Billion Filing

13F analytics that split the book put options at $700.88 billion, or 80.09% of reported value, up 46.83% in the quarter. Stocks and ETFs were $171.76 billion, or 19.63%. Debt was $2.38 billion. The XRP sleeve is a rounding error on either pile.

That mix is the ordinary shape of a multi-strategy shop that also warehouses listed options. Sister firm Citadel Securities is one of the largest U.S. equity and options market-makers, and the Advisors 13F reads like a related inventory list: long calls, long puts, and small cash ETF remnants on the same underlyings.

Reading the XRP lines as Griffin “going heavy” on the token skips that structure. A $7.5 million XRP ETF sleeve next to $35.66 billion of SPY calls is a product the desk is willing to quote, not a macro allocation.

The 764% XRPT Call Jump Came With More Puts

The viral number is Volatility Shares’ 2x XRP ETF, ticker XRPT. Citadel’s call line went from 9,040 contracts in the first quarter to 78,075 in the second, a 764% rise, marked at $1,698,912. The same issuer’s unlevered fund, XRPI, shows 54,438 shares worth $312,474 and 90,700 put share-equivalents worth $520,618.

Those XRPI puts are 2.98 times the first-quarter put line of 30,400 and 1.67 times the second-quarter share line. A 13F tracker that rolls XRPI into one figure shows about 145,000 share-equivalents worth $833,000, which is the stock line plus the put line, not a 145,000-share cash stake.

Cash ETFs were not the growth story. Citadel sold out of the Bitwise XRP ETF, closing 23,764 shares, about $347,000. It kept 215,639 REX-Osprey XRP ETF shares worth $1,850,183, the largest cash XRP line in the filing. Canary, Franklin, and Bitwise show up mainly as options. Another dealer, Simplex Trading, reported still larger XRPR option lines on the same date, which is what a listed-product market looks like when more than one shop is quoting it.

CITADEL XRP ETF LINES ON JUNE 30

Call marks in that table sum to $4,052,942 and put marks to $1,331,539, with $2,162,657 in common shares. There is a net long-call tilt, 273,625 call share-equivalents against 143,950 put share-equivalents. That tilt is still a listed-options warehouse, and it is still smaller than Goldman Sachs’ cash ETF stack.

A 13F Call Line Still Leaves the Hedge Off Camera

A 13F reports long stock and long listed options above a size cutoff. It does not report short stock, futures, swaps, or the other side of a customer trade. Bloomberg Intelligence’s holder ranking, compiled by ETF analyst James Seyffart from those filings, therefore measures gross ETF shares, not net XRP risk.

XRP has become liquid enough, and the ETF wrapper standard enough, that a shop like Citadel can carry a full listed-options inventory around several issuers at once. That is a market-structure fact. It is not the same fact as Griffin taking a concentrated view on the token.

WHAT THE JUNE 13F DOES NOT SHOW

• Delta: Call counts are not a bullish score until someone nets them against puts, short stock, and futures.
• Customer flow: A market-maker’s long call is often the other side of a sale, not a proprietary forecast.
• Timing: The snapshot is June 30, two months before the August inflow streak and the late-summer price swing.
• Size: $7.5 million of XRP ETF lines is 0.00086% of the $875.1 billion 13F value.

Crypto commentary that treated the 764% XRPT print as a clean long also had to ignore the XRPI put stack, the Bitwise cash exit, and the $645,000 decline in Citadel’s spot XRP ETF exposure in the Bloomberg Intelligence compilation. Those three facts are in the same quarter as the call jump.

Goldman Sachs Leads a $183.5 Million Holder List

If the question is who actually held spot XRP ETFs at quarter-end, the ranking is not Citadel. Bloomberg Intelligence put Goldman Sachs first at $87.4 million, or about 84 million XRP, after an $83.1 million quarterly increase. Jane Street Group was at $16.6 million and Millennium Management at $16.2 million.

Intesa Sanpaolo held $14.4 million and Marex UK Holdings $8.1 million. Across identified holders, disclosed exposure reached $183.5 million, or about 176.4 million XRP. Citadel appeared on that list with a $645,000 decline. SIG Holdings cut about $4.6 million.

LARGEST DISCLOSED SPOT XRP ETF HOLDERS, Q2

Investment advisers accounted for $120.9 million of the $183.5 million, hedge fund managers $25.1 million, brokerages $17.9 million, and banks $14.8 million. Advisers also supplied most of the quarterly increase, about $90 million of a $103 million rise. Jane Street, IMC, and Flow Traders sit in the trading column, where a 13F line is often inventory for quotes rather than a multi-year allocation.

Goldman’s $87.4 million is still a thin slice of the funds. It is also a June 30 figure, and 13F math cannot say whether the bank hedged the shares in futures or passed them through a wealth channel. The ranking answers who held the wrapper. It does not answer who is long the token.

Spot XRP Funds Took In $1.68 Billion After June 30

The cash that matters for the funds arrived after the 13F date. U.S. spot XRP ETFs logged 11 straight sessions of net inflows from August 18 through September 1, adding about $170 million, according to SoSoValue figures used across the flow tape. Cumulative net inflows since the November 2025 launch stood near $1.68 billion after a $14.38 million day on September 1, when Franklin Templeton took in $6.63 million, Grayscale $4.72 million, and Canary $3.03 million.

Net assets were near $1.45 billion around that print. U.S. spot bitcoin funds took in $2.26 billion in six late-August sessions, more than XRP’s ETFs have gathered since they started. Trackers differ on the XRP total, with some prints near $1.67 billion and others nearer $1.79 billion depending on the cutoff and the product list; the $1.68 billion SoSoValue running total is the figure tied to the September 1 session.

XRP itself had pulled back from multi-month highs near $1.70 and traded around $1.33 on September 2, after about $1.45 on August 27. A later bounce carried it to about $1.46 off a $1.33 low, with volume up 20% on that session. The funds were still taking cash while the token gave back part of the late-August rally, which is the pattern a creation machine can print when authorized participants are hedging and when RIAs are allocating on a lag.

Anyone chasing daily net flows for spot XRP ETFs is looking at a live series that the June 13F cannot see. The filing is useful for who had a line on June 30. It is a poor tool for reading September.

Armada Shareholders Vote on Evernorth on September 30

The other XRP-linked date on the calendar is a SPAC vote, not an ETF creation. Evernorth Holdings, a San Francisco digital-asset treasury company, said on August 27 that the SEC had declared its Form S-4 effective for a combination with Armada Acquisition Corp. II. Armada shareholders of record as of August 20 vote at a special meeting on September 30. If the deal closes, the combined company is expected to list on Nasdaq as XRPN.

Asheesh Birla, founder and CEO of Evernorth, tied the S-4 to a public-market treasury rather than to ETF flows.

Today marks an important milestone toward completing our proposed business combination. We set out to build an actively managed XRP treasury with the transparency and governance public markets demand. With the registration statement now effective, we are one step closer to delivering on our vision.

Asheesh Birla, founder and CEO of Evernorth, August 27 press release

The company said it will hold XRP and try to grow XRP per share through infrastructure and treasury trades, unlike a buy-and-hold token vehicle. Investors named in the release include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. Armada II is sponsored by Arrington XRP Capital Fund and led by chief executive Taryn Naidu and chairman Michael Arrington. The parties expect a close in late in the third quarter or early in the fourth, subject to the vote and ordinary conditions. The S-4 going effective is not an SEC blessing of XRP or of the treasury model.

EVERNORTH AND ARMADA DATES

• Record date: August 20, 2026, for Armada shareholders who can vote.
• Redemptions: Public holders who want cash must request it by September 28.
• Meeting: September 30, 2026, at 12:00 p.m. Eastern Time, with a physical place at 701 5th Ave, Seattle, per Armada’s September 30 meeting notice.

Citadel’s 13F chatter also pointed to an Armada line, and Goldman Sachs reported 365,976 Armada shares worth about $3.81 million in its own June filing. Those SPAC shares are a separate bet from XRPT calls. The September 30 shareholder vote will decide whether XRPN lists. It will not rewrite Citadel’s June options warehouse.

The 13F still describes June 30. Goldman still leads the disclosed cash ETF list at $87.4 million. Citadel still shows $7.5 million of XRP ETF lines with 90,700 XRPI puts against 54,438 XRPI shares. Armada’s vote is the next dated event in that cluster, and it sits on a different instrument than the ETF options book that got sold as a bullish call.

Disclaimer: This article is news reporting and analysis of regulatory filings, ETF flow figures, and company statements. It is informational only and does not constitute investment advice, a recommendation to buy or sell XRP, XRP ETFs, or any related options, or legal advice about securities filings. Readers should consult a licensed financial adviser and, where relevant, a securities lawyer before acting on any holding, option, or fund mentioned here. Share counts, option lines, flow totals, and prices reflect the cited filings and data providers as of the dates given in the article and can change with later amendments, market moves, and new creations or redemptions.