SEC filing shows viral $71 million XRP ETF claims are out by 1,000x
Investment supervisor Brookstone Capital Management reported 12,380 shares of Volatility Shares’ XRP ETF with a good worth of $71,059 in its June 30 quarter-end holdings disclosure. Yet, social media is spreading a story of a large $71 million place.
Brookstone’s June 30 information table filed with the SEC lists the Volatility Shares XRP ETF beneath CUSIP 92864M780, with 12,380 shares and a reported worth of 71,059. Under the SEC’s present reporting rule, which means $71,059.
X posts paired the share rely with a rounded “$71M place.” Others repeated the $71 million interpretation simply over an hour later. Since then, the figures have continued to do the rounds.
The filing unit modified in 2023
The $71 million determine matches what the filing’s 71,059 worth would imply beneath the out of date pre-2023 1000’s conference.
The SEC’s Form 13F guidance says filings submitted on or after Jan. 3, 2023, report greenback values rounded to the closest greenback. Before the modification, values had been reported to the closest thousand {dollars}.
The company made the technical change express in EDGAR Release 22.4.1, which stated the XML worth area would change from 1000’s to the closest greenback on Jan. 3, 2023.
That leaves two readings of the identical entry:
- Current conference: 71,059 means $71,059.
- Superseded conference: 71,059 would imply $71,059,000.
The out of date studying is strictly 1,000 instances the filing’s precise worth. The X posts rounded that stale-unit end result to $71 million.
Dividing $71,059 by 12,380 provides about $5.74 of reported honest worth per share. Applying the outdated unit would suggest about $5,740 per share for a similar holding. That per-share examine shows why the $71 million studying doesn’t appear doable.
Brookstone’s March 31 information table reported 11,144 shares beneath the identical CUSIP, valued at $84,469. According to CryptoSlate’s evaluation of its SEC filings, Brookstone filed the prior-quarter report on April 16, 2026, and the June 30 report on July 15, 2026.
| Brookstone XRPI disclosure | March 31, 2026 | June 30, 2026 | Quarterly change |
|---|---|---|---|
| Shares | 11,144 | 12,380 | +1,236 (+11.1%) |
| Reported honest worth | $84,469 | $71,059 | -$13,410 (-15.9%) |
| CUSIP | 92864M780 | 92864M780 | Same safety |
Brookstone reported 11.1% extra XRPI shares on the finish of June than on the finish of March, whereas the reported honest worth fell 15.9%. The two snapshots present that the safety appeared in each Q1 and Q2 disclosures, so Brookstone had already disclosed the identical safety in its first-quarter filing.
The dates matter, too. The July 15 filing disclosed a June 30 place; it didn’t report any new purchases on July 15 or July 16.
The safety itself is one other potential supply of overstatement. Volatility Shares’ official fund page identifies the product as XRPI, lists CUSIP 92864M780, and states that the fund makes use of devices, together with XRP futures. It additionally states instantly that the fund doesn’t put money into XRP itself. CryptoSlate covered XRPI’s launch as a 1x XRP futures ETF in May 2025.
Brookstone’s 13F due to this fact studies XRPI shares over which the adviser exercised funding discretion. It doesn’t set up that Brookstone purchased these shares for its personal stability sheet, nor does it report direct possession or custody of XRP tokens.
A four-step examine for crypto 13F claims
As Q2 institutional filings generate new crypto narratives, the identical sequence can separate a real change in publicity from a recycled or misinterpret disclosure:
- Confirm the reporting unit. Current Form 13F values are rounded to the closest greenback, not the closest thousand.
- Check the worth towards the share rely. Divide the reported worth by the reported shares. If altering the assumed unit modifications the implied determine by 1,000 instances, examine the filing rule earlier than repeating the declare.
- Compare the prior quarter. Match the CUSIP in addition to the safety title to find out whether or not the identical holding appeared in an earlier disclosure.
- Identify what the filer owned. Fund shares, futures-linked publicity and direct token possession are totally different claims.
In Brookstone’s case, an out of date unit turned a five-figure fund disclosure right into a false eight-figure narrative. The present SEC rule, the share rely, the prior-quarter desk, and the character of XRPI all level again to the identical determine: $71,059.
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