Grayscale's XRP Trust ETF (GXRP) saw net creations of 480,000 shares in the second quarter of 2026, clawing back 12.2% of the 3.94 million-share contraction from Q1. But the recovery came with a sting: the fund reported a $16.846 million loss from operations, mostly from a $16.327 million drop in unrealized appreciation on its XRP holdings. Net assets fell from $61.516 million at the end of March to $57.413 million at the end of June, even as capital inflows from share activity added $12.743 million.
Net creations and capital inflows
GXRP issued 510,000 shares in Q2 and redeemed 30,000, resulting in net capital additions of $12.743 million. That reversed a portion of the heavy outflows seen in Q1, when the fund shed 3.94 million shares. Still, the first half of 2026 was brutal: net assets dropped by $165.951 million, with $114.203 million coming from capital-share transactions and $51.748 million from operations.
Losses from XRP price slide
The $16.846 million operating loss was driven almost entirely by a $16.327 million decline in unrealized appreciation — meaning the XRP tokens GXRP holds lost value on paper. Another $433,000 came from realized losses on XRP sold to meet redemptions. The fund's XRP balance actually grew 20.2% in Q2, from 45.774 million XRP to 55.036 million XRP, but that's still 55.0% below the 122.230 million XRP it held on Dec. 31, 2025.
July flat, broader ETF exodus
GXRP reported 2,840,100 shares outstanding on both June 30 and July 30, 2026, suggesting creations and redemptions offset each other in July. The broader ETF market isn't helping. Other reports this week noted a $1.2 billion run on XRP ETFs flipping to outflows, $2.5 billion pulled from Bitcoin and Ethereum ETFs, and a leverage washout in XRP derivatives. GXRP's next quarterly filing will show whether the July pause turns into another contraction — or if the fund can hold its ground.
