Grayscale XRP ETF Sold $180.78M in Tokens as Holdings Fell

Key Point

A new SEC filing showed that Grayscale XRP Trust ETF sold 103.41 million XRP worth $180.78 million during the first half of 2026 to redeem investor assets. The trust held 122.23 million XRP at the end of 2025 and 55.04 million XRP by June 30. Net assets fell from $223.36 million in December to $57.41 million at the end of June. Creations added 36.27 million XRP valued at $66.58 million, but those additions did not offset exits.

Market Sentiment

Bearish, Flow-led, De-risking.

Reason: The trust sold $180.78 million worth of XRP to redeem investor assets, which signals weaker demand for the product.

Similar Past Cases

This type of fund redemption cycle typically pressures the underlying asset when redemptions force product-level selling. The difference is that a single issuer product can shrink without proving that market-wide demand for the asset has disappeared.

Ripple Effect

The main channel is product redemptions into spot token sales, which may reduce liquidity confidence around similar XRP investment vehicles. If redemptions continue, traders may watch whether product-level selling remains contained or begins to affect broader XRP market sentiment.

Opportunities & Risks

Opportunities: Investors can monitor the next filing for slower redemptions or stabilizing holdings before treating the contraction as easing.

Risks: Investors can monitor whether future redemptions keep exceeding creations, because continued selling would keep pressure on the product's net assets.