A Little-Known Firm Owns Nearly 3,000 Times More of This XRP ETF Than Morgan Stanley

The latest 13F filings from Q2 2026 revealed a stark disparity in XRP ETF holdings between Morgan Stanley and Wolverine Asset Management. Morgan Stanley held just 67 shares of the Bitwise XRP ETF, while Wolverine Asset Management reported ownership of roughly 199,912 shares, resulting in a multiple of 2,984 times in Wolverine's favor.

However, this sensational statistic is misleading as Morgan Stanley's position is minuscule, valued at only a few hundred dollars. The 13F filing does not specify whether Wolverine's position is directed at XRP or merely coincidental holdings. While Wolverine Asset Management is a significant entity, its XRP ETF stake does not necessarily indicate bullish sentiment.

The comparison highlights the misleading nature of such multiples when one side is insignificant. Morgan Stanley reported a total of 7,037 shares across three XRP ETFs, with the largest being 6,715 shares in the Franklin XRP ETF. Wolverine Asset Management, with its disclosed $11.38 billion portfolio, is still dwarfed by Morgan Stanley's size.

The data suggests that Morgan Stanley is largely unengaged with digital assets, while Wolverine Asset Management may have a more substantial interest, though the exact purpose remains unconfirmed. The true significance of these holdings will likely become clearer in the upcoming Q3 13Fs due in November.