Grayscale’s XRP Trust ETF (GXRP) recorded a net capital influx of $12.743 million in the June quarter, reversing a steep Q1 contraction. The fund issued 510,000 shares and redeemed only 30,000 during Q2, resulting in net creations of 480,000 shares—roughly 12.2% of the estimated 3.94 million‑share decline in the first three months of 2026. For the first half, however, GXRP reported a total net contraction of 3.46 million shares, with 1.87 million shares issued and 5.33 million redeemed.
The fresh capital was completely negated by a $16.846 million operating loss, driven overwhelmingly by $16.789 million in realized and unrealized investment losses. The loss composition included a $16.327 million drop in unrealized appreciation, $433,000 in realized losses on XRP sold for redemptions, and $29,000 in realized losses on XRP sold for expenses. Net assets fell from $61.516 million at end‑March to $57.413 million at June 30.
The fund’s XRP holdings rose 20.2% to 55.036 million XRP during the quarter, yet remained 55.0% below the 122.230 million XRP held on December 31, 2025. Across the six‑month period, net assets plunged $165.951 million, with capital‑share transactions responsible for $114.203 million of the decrease and operations accounting for $51.748 million. Shares outstanding were unchanged at 2,840,100 from June 30 through July 30, indicating offsetting creations and redemptions in the early third quarter.
