Key facts
- Grayscale's XRP Trust ETF sold $180.78 million of XRP between January 1 and June 30, 2026.
- The ETF's net asset value dropped from $223.36 million to $57.41 million during the period.
- Realized losses of $34.16 million were incurred from XRP sales for redemptions.
- The trust's XRP holdings decreased from 122.23 million to 55.04 million XRP.
- Outstanding shares fell from 6.30 million to 2.84 million.
The Grayscale XRP Trust ETF has disclosed significant sales of XRP, amounting to over $180 million, in a recent filing with the U.S. Securities and Exchange Commission (SEC). This move occurred alongside a substantial decline in the trust's net asset value, attributed to a downturn in XRP's price.
According to the Form 10-Q filing, Grayscale cashed out $180.78 million worth of XRP in the first six months of 2026. The trust sold 103.41 million XRP to facilitate investor redemptions, which heavily impacted its XRP holdings. At the end of 2025, the Grayscale GXRP ETF Trust held 122.23 million XRP, but this figure fell to 55.04 million XRP by June 30, 2026. Concurrently, the market value of these holdings plummeted from $223.36 million to $57.41 million.
While the trust did receive some inflows, creating an additional 36.27 million XRP valued at $66.58 million, these were overshadowed by larger outflows. These outflows are linked to the creation and redemption of ETF shares by authorized participants, with amounts varying based on share activity and the trust's XRP per share ratio. Periodic withdrawals to cover sponsor fees also contributed to the reduction in XRP holdings.
The trust incurred a realized loss of $34.16 million on XRP sales used for redemptions during the first half of 2026. Additionally, it recorded an unrealized loss of $17.47 million on its XRP investment and a minor realized loss of $39,000 on XRP sales to offset expenses. The number of outstanding shares also saw a sharp decrease, falling from 6.30 million at the end of 2025 to 2.84 million by June 30, 2026, indicating ongoing outflows.
Earlier reports noted that Grayscale CEO Peter Mintzberg had sold a portion of his stake in the GXRP ETF.