SEC filing: Brookstone’s XRPI stake $71K, not $71M
Brookstone’s June 30 Form 13F lists 12,380 XRPI ETF shares valued at $71,059; a 2023 SEC reporting-unit change led to a 1,000x misreading.
Brookstone Capital Management reported 12,380 shares of the Volatility Shares XRPI ETF with a reported fair value of $71,059 in its June 30 quarter-end Form 13F filing, submitted to the SEC on July 15. The entry lists the fund under CUSIP 92864M780.
The SEC changed the Form 13F XML value field on Jan. 3, 2023, so filings submitted on or after that date report dollar values rounded to the nearest dollar rather than to the nearest thousand. Under the current convention the number 71,059 represents $71,059; under the pre-2023 convention the same figure would be read as $71,059,000.
Some online posts paired the 12,380-share count with the obsolete thousands convention and presented the position as roughly $71 million. Dividing the reported $71,059 by 12,380 yields about $5.74 of reported fair value per share. Applying the old thousands unit would imply about $5,740 per share, a 1,000-fold gap between the two readings.
Brookstone’s March 31 Form 13F, filed April 16, reported 11,144 shares of the same CUSIP with a reported value of $84,469. Between the two filings Brookstone reported 1,236 more shares, an 11.1% increase, while the reported fair value declined 15.9%.
The XRPI product is a Volatility Shares fund with CUSIP 92864M780 described by the issuer as using instruments such as XRP futures. The fund does not hold XRP tokens directly. Brookstone’s Form 13F reports discretionary holdings of fund shares; the filing does not document direct ownership or custody of XRP tokens nor indicate trades executed on the July filing date.
To verify similar filings, confirm the filing date and reporting unit, divide the reported dollar value by the reported share count to check the implied per-share value, compare the CUSIP and security name with prior-quarter filings, and identify whether the position reflects fund shares, futures exposure or direct token holdings.
Under the SEC’s current Form 13F reporting rules and the reported share count, the filing number represents $71,059.
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