Investors poured millions back into Grayscale’s XRP fund, but a $16.8M market hit instantly wiped out the comeback
Grayscale XRP Trust ETF (GXRP) clawed back 480,000 shares in Q2, protecting 12.2% of its derived 3.94 million-share first-quarter contraction. The fund’s Aug. 4 Form 10-Q exhibits 510,000 shares issued and 30,000 redeemed throughout the quarter.
The six-month ledger exhibits the true dimension of the hole. GXRP issued 1.87 million shares and redeemed 5.33 million, a internet contraction of three.46 million. Subtracting Q2 from these totals leaves 1.36 million shares issued and 5.30 million redeemed in Q1, producing the derived 3.94 million-share contraction.
Q2 flipped the quarterly stream optimistic. Its 480,000 internet creations changed about one share for each eight misplaced in Q1, leaving 87.8% of that contraction unrecovered at June 30.
Q2 working losses outweighed new share capital
Q2 share exercise added $12.743 million of internet capital, with $13.442 million from issuances offset by $699,000 paid for redemptions. The $16.846 million loss from operations was bigger, pulling internet belongings to $57.413 million from $61.516 million at the finish of March.
Most of the working hit got here from investments. The $16.789 million realized and unrealized funding loss included a $16.327 million drop in unrealized appreciation, $433,000 in realized losses on XRP bought for redemptions, and $29,000 in realized losses on XRP bought for bills. A separate $57,000 internet funding loss introduced the decline from operations to $16.846 million.
The quarter due to this fact break up in two: internet creations added capital whereas funding efficiency reduce extra deeply into belongings.
The fund’s XRP balance grew 20.2% in Q2, from 45.774 million XRP to 55.036 million XRP. Holdings completed 55.0% under the 122.230 million XRP held on Dec. 31, 2025.
Across the first half, internet belongings fell $165.951 million. Capital-share transactions accounted for $114.203 million of the decline and operations for $51.748 million. Both share exercise and funding efficiency drove the fall.
GXRP reported 2,840,100 shares excellent on each June 30 and July 30, indicating that any creations and redemptions throughout July had offset one another by that date.
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