Galaxy Digital Ltd. disclosed in its U.S. Securities and Exchange Commission (SEC) Form 10-Q filed on Aug. 5, 2025, that it held 15.39 million XRP tokens, with a carrying value of $34.4 million and a historical cost of $33.6 million as of June 30. XRP was one of the firm’s largest digital asset holdings by value, ranking seventh behind bitcoin ($1.83 billion), USDC ($263 million), ETH ($225 million), SOL ($170 million), and HYPE ($92 million). The total value of Galaxy’s digital asset portfolio stood at $3.56 billion, with XRP representing a significant strategic allocation.
Galaxy Digital’s significant digital asset holdings. Source: Galaxy Digital’s SEC filing.
The company also highlighted regulatory uncertainty around XRP, citing its involvement in a key case with the SEC. The regulator’s 2020 lawsuit accused Ripple Labs of $1.3 billion in unregistered XRP sales, causing the token’s market cap to drop below $10 billion. A 2023 U.S. District Court ruling found XRP itself was not a security, though some institutional sales were deemed investment contracts. The SEC appealed in January 2025 but indicated it would drop the case under a May settlement that included a $50 million civil penalty. Galaxy cited the case and conflicting court rulings as evidence of ongoing regulatory uncertainty in the crypto sector.
In addition to its direct XRP token position, Galaxy revealed a major equity stake in Ripple Labs Inc. The firm stated:
Only one other investment, Ripple, represented greater than 5% of the total Investments value as of June 30, 2025.
“Galaxy held a $97.3 million investment in Ripple as of June 30, 2025. As of December 31, 2024, no other remaining investment exceeded 5% of the total investment balance,” the firm added. Ripple was named alongside Galaxy-sponsored funds and bitcoin ETFs as one of the firm’s three largest investment exposures. This high-conviction position reflects Galaxy’s belief in the XRP ecosystem’s role in shaping cross-border payment infrastructure, tokenized financial products, and compliant blockchain innovation.
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