Kinetics Internet Portfolio, a mutual fund with $248 million in assets, disclosed a direct equity stake in Ripple Labs itself rather than in XRP, according to a newly filed SEC report.

The distinction matters. Institutional money is choosing Ripple, the company, over XRP, the token.

What the SEC Filing Actually Shows

Form NPORT-P is the quarterly report registered investment funds file with the Securities and Exchange Commission (SEC), disclosing portfolio holdings. Kinetics filed its version as part of Kinetics Portfolios Trust.

The fund acquired Class A common shares issued directly by Ripple Labs. That structure gives Kinetics ownership of the company itself, not exposure to the cryptocurrency that bears its name.

According to the SEC filing, the stake is valued at roughly $246,000, representing a small fraction (about 0.1%) of the fund’s approximately $248 million in net assets.

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The filing reflects holdings as of June 30, but regulatory reporting delays kept the information private until August.

Since Ripple remains a private company, Kinetics acquired the securities through specialized over-the-counter platforms built for accredited investors trading pre-IPO stock. Those venues let institutions buy shares well before any public listing occurs.

Why Institutions are Rushing Toward Ripple Now

The purchase landed alongside a notable shift in tone from Ripple’s own leadership. Speaking at the Wyoming Blockchain Symposium 2026, Chief Executive Brad Garlinghouse said the company now takes a more neutral stance on going public.

That marks a clear departure from earlier messaging. President Monica Long had previously ruled out an IPO altogether, citing the company’s strong balance sheet and the lack of a defined timeline.

The transaction also arrives during Ripple’s own $750 million tender offer to repurchase shares, a buyback that valued the company at $50 billion.

Regulatory momentum runs in parallel with the investment activity. The SEC opened its proposed Regulation Crypto Assets framework for public comment, while the US administration held closed-door meetings with Ripple executives at the White House.

Against that backdrop, institutional investors appear to be racing for exposure to Ripple through private markets rather than waiting for a formal public offering.

XRP itself moved sharply in a separate spotlight altogether. The token traded near $1.11, up 10.6% over the past 24 hours, according to BeInCrypto data, as a White House crypto summit and positive ETF inflows lifted sentiment across the broader market.

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Source: BeInCrypto