Five major US spot XRP exchange-traded funds ended June with a combined fair value $746.1 million below their accounting cost, according to fund filings. That didn't stop investors from adding $320.8 million net in the first half, with cumulative inflows reaching $1.8 billion by the end of August.
The Size of the Gap
The funds' XRP holdings were 44.1% below their $1.7 billion accounting cost at June 30. That implies a cost-basis breakeven near $1.87 per token, while XRP trades around $1.38 — meaning the sample would remain underwater if marked at today's price. The $746.1 million gap is a fund-level accounting figure, distinct from individual shareholder cost basis.
Who's Buying, Who's Selling
Investors added $629.9 million in creations and pulled $309.1 million in redemptions during the first half, resulting in net capital activity of +$320.8 million. But the flows split sharply by issuer. Bitwise, Canary Capital, and Franklin Templeton recorded $537.9 million in creations against $53.3 million in redemptions, a net inflow of approximately $484.5 million. Grayscale and 21Shares, by contrast, recorded $92.1 million in creations against $255.8 million in redemptions, a net outflow of $163.7 million. Grayscale alone saw $180.8 million redeemed against just $66.6 million created, while 21Shares recorded $75 million of redemptions against $25.5 million of creations.
Resilient Demand
Bloomberg ETF analyst James Seyffart called demand "surprisingly resilient" and put cumulative net inflows at $1.8 billion as of Aug. 31. The pace has been steady: cumulative inflows reached approximately $1.6 billion by Aug. 24, $1.64 billion by Aug. 29, and $1.8 billion by Aug. 31. The analysis excludes REX-Osprey's XRPR due to its 1940 Act structure.
The next quarterly filings will show whether the gap has narrowed or widened as XRP trades below the breakeven price.
