Investors poured millions back into Grayscale’s XRP fund, but a $16.8M market hit instantly wiped out the comeback

Grayscale XRP Trust ETF (GXRP) clawed back 480,000 shares in Q2, covering 12.2% of its derived 3.94 million-share first-quarter contraction. The fund's Aug. 4 Form 10-Q shows 510,000 shares issued and 30,000 redeemed during the quarter.

The six-month ledger shows the true size of the gap. GXRP issued 1.87 million shares and redeemed 5.33 million, a net contraction of 3.46 million. 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.

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Q2 flipped the quarterly flow positive. Its 480,000 net creations replaced about one share for every eight lost in Q1, leaving 87.8% of that contraction unrecovered at June 30.

Q2 operating losses outweighed new share capital

Q2 share activity added $12.743 million of net capital, with $13.442 million from issuances offset by $699,000 paid for redemptions. The $16.846 million loss from operations was larger, pulling net assets to $57.413 million from $61.516 million at the end of March.

Most of the operating hit came from investments. The $16.789 million realized and unrealized investment loss included a $16.327 million drop in unrealized appreciation, $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.

The quarter therefore split in two: net creations added capital while investment performance cut more deeply into assets.

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The fund'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.

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Across the first half, net assets fell $165.951 million. Capital-share transactions accounted for $114.203 million of the decline and operations for $51.748 million. Both share activity and investment performance drove the fall.

GXRP reported 2,840,100 shares outstanding on both June 30 and July 30, indicating that any creations and redemptions during July had offset each other by that date.