Grayscale’s XRP Trust Adds $12.7M; $16.8M Loss Cuts Assets

Grayscale’s XRP Trust (GXRP) recorded net inflows of $12.743 million in the second quarter but ended the period with lower assets after investment losses, the trust reported in its Aug. 4 Form 10-Q.

During Q2 the trust issued 510,000 shares and redeemed 30,000 shares, producing 480,000 net creations and $12.743 million of net capital. Issuances generated $13.442 million, while redemptions cost $699,000. Net assets fell from $61.516 million at March 31 to $57.413 million at June 30.

Most of the quarterly operating decline came from investment performance. The trust recorded a $16.846 million loss from operations, which included a $16.789 million realized and unrealized investment loss. That investment loss consisted of a $16.327 million decrease in unrealized appreciation of holdings, $433,000 of realized losses on XRP sold for redemptions and $29,000 of realized losses on XRP sold to cover expenses. A separate $57,000 net investment loss completed the $16.846 million total.

Over the first half of the year, GXRP’s share activity and investment results produced a larger decline. The trust issued 1.87 million shares and redeemed 5.33 million shares in the six months, a net contraction of 3.46 million shares. By comparing quarters, the first quarter showed a derived contraction of about 3.94 million shares (1.36 million issued and 5.30 million redeemed). The 480,000 net creations in Q2 recovered roughly 12.2% of the first-quarter outflows, leaving most of the earlier contraction unrecovered at the end of June.

XRP holdings rose during the quarter to 55.036 million XRP at June 30 from 45.774 million XRP at March 31, a 20.2% increase. Those holdings remained below the 122.230 million XRP held at Dec. 31, 2025, leaving the June balance about 55.0% lower than year-end 2025.

Across the first half, GXRP’s net assets fell by $165.951 million. Capital-share transactions accounted for $114.203 million of that decline, while operating losses accounted for $51.748 million. The trust reported 2,840,100 shares outstanding on both June 30 and July 30, indicating that any creations and redemptions in July offset each other by the end of the month.

The Form 10-Q provides the trust’s latest detailed figures on capital flows, share activity, XRP holdings and investment results for the periods ending June 30.