Grayscale's XRP ETF Bleeds $180M in Six Months, Ends Up Holding Half the Bag 🩸

Grayscale's XRP Trust ETF disclosed the sale of $180.78 million worth of XRP during the first six months of 2026, according to a new SEC Form 10-Q filing. The trust offloaded 103.41 million XRP to meet investor redemptions, sharply reducing its XRP position. Net assets attributable to the product fell from $223.36 million at the end of December 2025 to $57.41 million as of June 30, 2026. The filing also reported realized losses of more than $34 million tied to the sales.

Holdings of the Grayscale GXRP ETF Trust stood at 122.23 million XRP at the close of 2025, dropping to 55.04 million XRP by the end of June 2026. The decline reflects a combination of redemptions and valuation changes linked to the XRP price downturn referenced in the filing. The trust did record some fresh creation activity during the period, adding 36.27 million XRP valued at $66.58 million. Even with those inflows, outflows exceeded creations, producing the steep reduction in net assets.

The Form 10-Q outlines the mechanics of the redemption process, in which authorized participants exchange shares for underlying XRP, which the trust then sells to meet cash settlement obligations. The filing details the realized and unrealized losses stemming from XRP price movements across the six-month window. It also identifies the trust's custodian arrangements and the operational steps taken to liquidate XRP in line with regulatory requirements. Grayscale's filings with the U.S. Securities and Exchange Commission remain the primary public source for the trust's holdings, flows and performance metrics.

The disclosure arrives as spot XRP ETF products continue to operate under the regulatory framework established by the SEC. Grayscale's GXRP trust is among the listed vehicles providing institutional and retail investors with exposure to XRP through a traditional brokerage account. The latest filing offers a transparent view of how redemptions, creations and market price changes have shaped the product's performance in 2026. $XRP market data cited in the filing reflects the pricing used by the trust for valuation and redemption purposes.