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Point of Focus
- Canary’s XRP ETF assets fell $81.6 million to $241 million during the first half.
- Net capital-share activity added $82 million as creations exceeded redemptions.
- XRPC increased its XRP holdings by 31.7% to 231.28 million tokens.
Canary Capital’s XRP exchange-traded fund closed the first half of 2026 with fewer net assets despite recording substantially more share creations than redemptions.
The fund, which trades under the ticker XRPC, held $241.2 million in net assets on June 30, down $81.6 million from $322.8 million at the end of December.
Positive capital-share activity added $82.4 million, but investment losses more than offset that increase.
Share creations outpace redemptions
XRPC recorded $88.3 million from shares sold during the six-month period and $5.9 million from shares redeemed.
Outstanding shares increased from 16.5 million to 21.8 million as the trust created 5.7 million shares and redeemed 370,000.
$XRP ETFs posted another green week.
Canary XRPC leading with $1.15M inflows, Franklin's XRPZ adding $561K on top.
Slow and steady institutional accumulation continues. https://t.co/g7STUXBxlh pic.twitter.com/nxuWsvegZY
— Xaif Crypto (@Xaif_Crypto) August 10, 2026
The resulting $82.4 million increase represents net capital-share transactions rather than direct retail cash inflows. Canary’s prospectus allows authorized participants to create or redeem share baskets using cash or XRP.
Investors buying XRPC on Nasdaq’s secondary market do not transact directly with the trust. The figure therefore shows that creation activity exceeded redemptions but does not reveal how much new investor cash entered the fund.
Investment losses reduce assets by $164M
The ETF registered a $164 million decline in net assets from operations during the first half. Unrealized depreciation on its XRP holdings accounted for $159.7 million of that total.
XRPC also recorded $3.6 million in realized investment losses and $716,898 in sponsor fees. The unrealized depreciation alone was nearly twice the value added through net capital-share activity.
Investors poured $82 million into Canary’s XRP ETF, but falling prices erased double what they put in
One large allocation or the start of a broader bid? pic.twitter.com/z2cGvbw7hs
— Xora Finance (@xora_finance) August 10, 2026
The results illustrate how an ETF can add shares and underlying tokens while reporting lower assets under management.
Fund assets reflect both capital activity and changes in the market value of the portfolio.
XRPC holds 31.7% more XRP
Canary’s XRP holdings increased by approximately 31.7%, rising from 175.63 million tokens at the beginning of the year to 231.3 million on June 30.
XRPC purchased 34.1 million XRP valued at $52.2 million, while another 25.9 million XRP worth $36.1 million entered through in-kind creations. It sold 3.9 million tokens to meet redemptions.
Despite the accumulation, the fair value of the portfolio declined from $323.0 million to $241.3 million. XRPC consequently posted a 43% net asset value loss for the six-month period.
Canary’s latest fund data showed net assets falling further to $237.4 million by August 7.
Shares outstanding edged higher to 21.9 million, while the fund’s year-to-date NAV return deteriorated to negative 43.9%.
The figures underscore the distinction between demand for ETF shares and portfolio performance: XRPC continued accumulating XRP, but valuation losses remained the dominant influence on its net assets.
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