Canary XRP ETF assets shrink as price depreciation outpaces inflows

While investors and authorized participants added $82.4 million in net capital share activity during the first six months of the year, these efforts could not stem the tide of market volatility. The fund reported $164 million in operational losses, with unrealized depreciation of XRP holdings accounting for $159.7 million of that total. Consequently, the fund's net asset value suffered a 42.84% loss over the period.

The disconnect between share activity and portfolio value highlights a difficult environment for crypto ETFs. Although XRPC increased its total XRP holdings by 31.7% to 231.3 million tokens, the dollar value of those assets plummeted as the price of XRP fell from $1.84 to $1.04. SEC filings clarify that the $82.4 million in share activity reflects net creations rather than purely retail cash inflows, as the fund allows for both cash and in-kind contributions.

By early August, the downward pressure persisted. Data from August 7 shows net assets dipped further to $237.4 million, with the year-to-date NAV return reaching negative 43.93%. The fund continues to see share growth, but the current market cycle demonstrates that even aggressive accumulation of tokens remains vulnerable to the sharp price corrections seen throughout the first half of 2026.