The Grayscale XRP Trust ETF sold 103.41 million XRP tokens worth $180.78 million in the first half of 2026, a new SEC filing shows, with investor redemptions driving the bulk of the exit. The fund's total holdings fell from $223.36 million in December 2025 to $57.41 million by June 30, a period in which $XRP lost more than 40% of its value. The case for calling this routine mechanics sits in tension with a $34.16 million realized loss on those sales.
What the filing shows
The trust entered 2026 holding 122.23 million XRP. By the end of June, that position had been cut to 55.04 million tokens. Authorized participants did create new shares during the period: 36.27 million XRP worth $66.58 million was added to the trust. Outflows were larger. The net result was a fund that shed the majority of its asset base in six months.
The XRP price moved against the fund throughout. Tokens that began the year priced at $1.84 fell to $1.05 by June 30, a decline the filing characterizes as more than 40%. At the time of publication, XRP was trading at $1.04.
Where the losses sit
The $34.16 million realized loss on redemption-related sales is the number that deserves attention. It reflects the gap between what exiting investors received and what the fund originally paid for the tokens. Separately, the trust posted a $39,000 realized loss on XRP sold to cover the sponsor's fee, a recurring mechanism that gradually reduces each share's token exposure regardless of redemption activity.
The counterargument
The counterargument is structural, and it deserves its due. Grayscale's trust format is built around authorized-participant redemptions, and the sponsor has no mandate to control the timing of exits. The fund is not designed to optimize for price. When investors want out, the trust sells. Read that way, the filing is a record of the product working as designed, with losses reflecting the market rather than a Grayscale trading decision.
On balance
On balance, the picture is one of sustained outflow against a weak price. Holdings that stood at $223.36 million at year-end 2025 were valued at $57.41 million by June 30, with both price decline and redemption volume contributing to that gap. The line to watch is whether XRP trust products with different fee structures attract the capital this one is losing. The fund currently holds 55.04 million tokens.