XRP ETF's $82M Capital Influx Overwhelmed by Unrelenting Token Depreciation

Canary Capital's XRP ETF (XRPC) lost $81.6 million in net assets despite a significant influx of capital from investors, according to its unaudited Form 10-Q filing.

The fund's net assets declined from $322.8 million at the end of December 2025 to $241.2 million at midyear 2026, with the decrease attributed primarily to unrealized XRP depreciation, which accounted for $159.70 million of the $164.00 million decline.

The fund's net capital-share activity added a net $82.36 million to its assets, but this was overwhelmed by the loss in value due to falling XRP prices.

XRPC held 231.3 million XRP at June 30, up 55.7 million from December 2025, but the larger token pool was worth less in dollars due to depreciation.