Grayscale's XRP Trust flipped its quarterly share flow positive in Q2, clawing back part of a first-quarter contraction. A $16.846 million operating loss cut deeper than the new capital raised, though, leaving net assets lower than where the quarter started.
Grayscale's XRP Trust ETF (GXRP) flipped its quarterly share flow positive in Q2. The fund's Aug. 4 Form 10-Q shows 510,000 shares issued and 30,000 redeemed during the quarter, a net gain of 480,000 shares. That net creation covered 12.2% of the 3.94 million-share contraction the fund posted in the first quarter.
The rebound didn't hold. A $16.846 million loss from operations outweighed the new capital, pulling net assets to $57.413 million from $61.516 million at the end of March. Share activity alone added $12.743 million, with $13.442 million from issuances offset by $699,000 paid for redemptions.
Q2 rebound leaves most of Q1's contraction unfilled
Six months of data show the size of the gap: GXRP issued 1.87 million shares and redeemed 5.33 million over the half, a net contraction of 3.46 million shares. Subtracting Q2 from those totals leaves 1.36 million shares issued and 5.30 million redeemed in Q1, producing the derived 3.94 million-share contraction. Q2's 480,000 net creations replaced about one share for every eight lost in Q1, leaving 87.8% of that contraction unrecovered at June 30.
Investment losses outweigh the new capital
Most of the hit came from investments: the $16.789 million realized and unrealized investment loss included a $16.327 million drop in unrealized appreciation, plus $433,000 in realized losses on XRP sold for redemptions and $29,000 in realized losses on XRP sold for expenses. A separate $57,000 net investment loss brought the decline from operations to $16.846 million. Net creations added capital while investment performance on the fund's XRP holdings cut deeper into assets.
XRP holdings grow, still below December levels
GXRP's XRP balance grew 20.2% in Q2, from 45.774 million XRP to 55.036 million XRP. Holdings finished 55.0% below the 122.230 million XRP held on Dec. 31, 2025.
Across the first half, net assets fell $165.951 million, with capital-share transactions accounting for $114.203 million of the decline and operations for $51.748 million. GXRP reported 2,840,100 shares outstanding on both June 30 and July 30, indicating creations and redemptions during July had offset each other by that date.
Source: CryptoSlate
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