Canary Capital’s $XRP alternate traded fund ended the primary half of 2026 with $81.6 million fewer internet belongings even after constructive capital share exercise added $82.4 million.
An Aug. 7 SEC submitting exhibits that falling $XRP valuations greater than offset the rise in shares in the course of the six months by means of June 30.
The unaudited Type 10 Q places XRPC’s internet belongings at $241.17 million on June 30, down from $322.82 million on the finish of 2025. In the meantime, excellent shares elevated from 16.49 million to 21.77 million because the fund created 5.65 million shares and redeemed 370,000. $XRP itself fell 43.27% from $1.84 to $1.04 over the identical interval.
Buyers poured $82 million into Canary’s $XRP ETF, however falling costs erased double what they put in
One massive allocation or the beginning of a broader bid? pic.twitter.com/z2cGvbw7hs
— Xora Finance (@xora_finance) August 10, 2026
Canary $XRP ETF added shares whereas $XRP erased worth
The accounting behind the decline exhibits two forces transferring in reverse instructions. XRPC recorded $88.26 million from shares offered and $5.90 million from shares redeemed. The ensuing $82.36 million improve from capital share transactions was outweighed by a $164 million lower in internet belongings from operations.
Most of that operational decline got here from $XRP somewhat than charges. The fund recorded $159.70 million in unrealized depreciation, $3.59 million in realized funding losses and $716,898 in sponsor charges in the course of the six month interval. Unrealized depreciation was due to this fact nearly twice the worth added by means of internet capital share transactions.
The distinction follows an initially robust reception for the fund. As crypto.information reported in its launch day protection, XRPC generated about $58 million in buying and selling quantity when it debuted on Nasdaq in November 2025, making it one among that yr’s largest new ETF launches by first day quantity.
The $82 million determine will not be merely investor money influx
The $82.36 million improve shouldn’t be handled as $82.36 million of retail traders depositing money into XRPC. Canary’s SEC prospectus permits licensed individuals to create and redeem baskets utilizing both money or $XRP. Buyers buying and selling XRPC shares on Nasdaq don’t instantly create or redeem shares with the belief.
The most recent submitting exhibits the excellence clearly. XRPC bought 34.13 million $XRP valued at $52.20 million in the course of the first half, whereas one other 25.93 million $XRP valued at $36.05 million entered the belief by means of in type share creations. The fund additionally offered 3.93 million $XRP price $5.90 million to satisfy redemptions and reported no $XRP distributed in type for redemptions.
Accordingly, the submitting helps describing the $82.36 million as internet capital share exercise somewhat than a direct measure of investor money inflows. It does present that creation exercise exceeded redemptions in the course of the interval.
XRPC held 31.7% extra $XRP however the place was price much less
XRPC’s $XRP holdings elevated from 175.63 million tokens originally of 2026 to 231.28 million on June 30, an increase of about 31.7%. But the honest worth of the $XRP place fell from $322.97 million to $241.28 million as a result of the underlying asset declined sharply.
That disconnect has additionally appeared throughout the broader U.S. $XRP ETF market. In associated ETF move protection, crypto.information reported in July that cumulative inflows throughout spot $XRP funds remained nicely above their mixed internet belongings as falling token costs decreased portfolio values.
The value weak spot doesn’t imply creations stopped altogether. More moderen fund move reporting confirmed $XRP ETFs recording recent internet inflows on July 29 after a 4 day pause, whereas $XRP remained close to the $1.10 space.
XRPC belongings slipped additional after the June quarter
Canary’s newest revealed fund knowledge exhibits XRPC remained under its June stage after the reporting interval. Internet belongings stood at $237.38 million on Aug. 7, with each NAV and market worth at $10.85. Shares excellent had elevated to 21.87 million from 21.77 million at June 30.
The identical knowledge places XRPC’s NAV return at unfavorable 43.93% for 2026 by means of Aug. 7, in contrast with unfavorable 42.84% by means of June 30. Its market worth return was unfavorable 44.22% yr so far. These figures present that the valuation strain documented within the SEC report had not absolutely reversed by early August.
For XRPC, the subsequent monetary submitting will present one other formal snapshot of whether or not continued share creation can offset actions in $XRP’s worth. The primary half outcomes already make the present dynamic clear: the belief collected considerably extra $XRP, however the falling worth of every token left the fund with fewer {dollars} in internet belongings.
