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Canary’s XRP ETF loses $81.6 million in net assets despite $82.4 million inflows

The fund’s Form 10-Q shows net assets fell to $241.2 million from $322.8 million at year-end, driven mainly by unrealized XRP depreciation of $159.7 million.

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Canary Capital’s Canary XRP ETF, ticker XRPC, ended the first half of 2026 with net assets down by $81.6 million even though capital-share transactions added $82.4 million, highlighting how declines in token valuations can overwhelm growth in exchange-traded fund share activity, according to CryptoSlate.

In an unaudited Form 10-Q filed Aug. 7, the filing shows net assets declining from $322.8 million at Dec. 31, 2025, to $241.2 million at June 30, 2026. The accounting bridge cited capital-share activity increasing net assets by $82.36 million, while the accounting decrease from operations, primarily unrealized XRP depreciation, reduced net assets by $164.00 million.

CryptoSlate reported that unrealized XRP depreciation accounted for $159.7 million of the $164.0 million decrease from operations, with the remainder coming from $3.59 million of realized losses and a $716,898 net investment loss. The ETF attributed $88.26 million to shares sold and $5.90 million to shares redeemed during the period, and said the capital-share figures are not the same as cash inflows because authorized participants can settle creation and redemption orders in cash or in kind.

Despite the net asset decline, the trust held 231.3 million XRP at June 30, up 55.7 million XRP, or 31.7%, from 175.6 million at the end of 2025. The filing also shows the fund sold 3.93 million XRP to help fund redemptions, booking a $3.26 million realized loss on those sales.

Latest closeXRP $1.030 ▼0.8%

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