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

A quirky data point is bouncing around ETF Twitter this week: a little-known Chicago investment firm reported roughly 2,984 times as many shares of the Bitwise XRP ETF as Morgan Stanley (NYSE:MS | MS Price Prediction) did in the latest 13F filings. The catch, and it is the whole story, is that Morgan Stanley’s position is tiny.

According to Q2 13F filings covering positions as of June 30, 2026, Wolverine Asset Management reported 199,912 shares of the Bitwise XRP ETF, worth roughly $2.33 million. Morgan Stanley reported 67 shares. That is the entire arithmetic behind the headline.

What the 13Fs Actually Show

A 13F is a quarterly snapshot institutions above a size threshold file with the SEC, listing U.S. equity and ETF positions from the end of the prior quarter. It does not say whether a position is proprietary capital, client assets, advisory holdings, trading inventory, hedges, or arbitrage. So calling either firm bullish or bearish on XRP (CRYPTO:XRP) from these numbers would be a stretch.

Across the three XRP ETFs Morgan Stanley reported owning, the firm disclosed 7,037 shares total: 6,715 shares of the Franklin XRP ETF, 255 of the REX-Osprey XRP ETF, and 67 of the Bitwise XRP ETF. Our comparison of the two filings puts Wolverine’s Bitwise position at roughly 28.4 times Morgan Stanley’s combined reported XRP ETF share count across those three funds. Again, the multiple is loud because the denominator is small.