Grayscale’s XRP ETF Sold $180 Million in Tokens After Major Loss

Grayscale XRP Trust ETF disclosed selling more than $180 million in tokens during the first half of 2026, according to a new SEC filing that also revealed significant realized losses.

The numbers show how sharply redemptions and falling prices have eroded trust over six months.

What the SEC Filing Actually Shows

A Form 10-Q is the quarterly report filed with the Securities and Exchange Commission (SEC) detailing financial performance and holdings. Grayscale’s submission covers the period ending June 30.

The headline figure stands out. The trust cashed out $180.78 million worth of XRP, selling 103.41 million tokens to redeem investor assets.

Holdings contracted dramatically as a result. The trust held 122.23 million XRP at the end of 2025, a figure that dropped to 55.04 million by June 30. Net assets fell even faster. The value declined from $223.36 million in December to just $57.41 million at the end of June.

Inflows did arrive. The trust created an additional 36.27 million XRP, contributions valued at $66.58 million. Those additions could not offset the exits. Outflows substantially exceeded inflows, driving the sharp reduction in holdings.

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The mechanics involve authorized participants, who handle share creation and redemption based on shares issued or redeemed. Sponsor fees added pressure. Periodic XRP withdrawals covering those fees largely caused the reduction in holdings per share.

The Losses Behind the Redemptions

The losses tell their own story. Grayscale recorded a realized loss of $34.16 million on XRP sold for redemptions, plus $17.47 million in unrealized losses on the remaining position.

A smaller entry appears further down. Sales conducted to offset operating expenses generated an additional realized loss of $39,000.

Share counts reflected the exodus. Outstanding shares dropped from 6.30 million at the end of 2025 to 2.84 million by June 30, with the trust buying back 5.33 million shares while selling just 1.87 million.

Price action explains much of the damage. XRP traded at $1.06 at the time of writing, down roughly 1.35% over 24 hours and still far below its cycle highs, according to BeInCrypto data.

That decline compounds the redemption effect. Fewer tokens backing a cheaper asset produce the steep drop in net asset value in the filing documents.

Leadership activity had already drawn attention. Chief Executive Peter Mintzberg sold part of his personal stake in GXRP earlier this year. Redemptions themselves are routine, however. Authorized participants execute them mechanically, without expressing any directional view on the asset.

The scale still warrants attention. Losing half its holdings and three-quarters of its net assets within six months marks a significant contraction for the product.

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