XRP ETF Value Erased by Double the Inflow from Falling Prices
Canary Capital's XRP ETF (XRPC) has been on a wild ride. Despite $82.4 million in net capital-share transactions, which added value to the fund, it ended the first half of 2026 with $81.6 million less in net assets.
The decline is largely due to falling prices, specifically the depreciation of XRP, which accounted for $159.70 million of the $164.00 million decrease from operations. This dwarfs the value added through capital transactions and redemptions.
At June 30, 2026, the fund held 231.3 million XRP, up 55.7 million or 31.7% from December 31, 2025. However, this increase in quantity was offset by unrealized depreciation, which reduced the dollar value recognized in the portfolio.
The numbers are striking: $82.36 million in capital-share transactions vs. $164.00 million in accounting decrease from operations.