Grayscale’s CoinDesk Crypto 5 ETF reported a sharp year-over-year reduction in its XRP position in a new annual SEC filing submitted on Sept. 3. The fund held 12.30 million XRP as of June 30, 2026, down from 16.87 million XRP a year earlier, a decline of 27.1%.
According to the Form 10-K for fiscal 2026, the fair value of that XRP position dropped even more steeply, from approximately $39.14 million to $12.83 million, a decrease of about 67%. The filing shows the move was not simply a bearish sell-off: the fund received about 3.00 million XRP in contributions, while redemptions removed roughly 7.44 million XRP, and another 153,534 XRP were distributed for management fees. Portfolio rebalancing added a net 11,912 XRP.
The fund also recorded about $28.01 million in unrealized depreciation on XRP during the fiscal year, while XRP transactions tied to share redemptions produced a realized gain of approximately $12.19 million. The change was highlighted by XRP-focused researcher BankXRP. Despite the lower position, XRP remained the fourth-largest asset in GDLC at 4.15% of net assets, ahead of Solana at 2.74%. Bitcoin led with 76.03%, followed by Ether at 12.32% and BNB at 4.76%. Total fund net assets stood at approximately $308.96 million, compared with $777.22 million the previous year.
Grayscale’s diversified GDLC product is separate from the firm’s spot XRP ETF, GXRP. The new filing comes as institutional XRP exposure continues to expand through multiple regulated products, and Grayscale has previously argued that XRP ETFs could eventually absorb 5% to 6% of circulating XRP supply if adoption follows the path of earlier crypto ETFs.
