Canary XRP ETF disclosed holdings of 212.6 million XRP tokens in a quarterly filing with the SEC, putting the fund's value at roughly $305 million. The update shows the trust's exposure to XRP continues to grow, though its performance hinges on the token's price swings.
Holdings disclosed in SEC filing
The filing, a standard quarterly report, revealed the ETF's XRP stash increased over the prior period. The trust holds spot XRP only — no futures or derivatives — meaning its net asset value moves directly with the cryptocurrency's market price. At current valuation, the 212.6 million tokens represent a sizable bet on the digital asset.
Spot-only exposure and valuation pressure
Because the ETF is purely spot, investors get direct exposure without holding the tokens themselves. That simplicity comes with a catch: any dip in XRP's price hits the fund's value immediately. The filing didn't specify the exact period's price range, but XRP's volatility has been a recurring concern for fund managers and holders alike.
Valuation pressure tied to XRP's price action means the ETF's reported $305 million could shift fast. The SEC's move to approve spot crypto ETFs has opened the door for more institutional flows, but it also ties those funds tightly to market sentiment. Canary's latest numbers offer a snapshot — one that could look very different next quarter.
What comes next for the fund
The quarterly report is part of routine regulatory compliance. Investors and analysts will watch XRP's price trajectory in the weeks ahead, as it directly affects the ETF's performance. No immediate changes to the fund's structure or strategy were indicated in the filing.
