Key Takeaways
- • Grayscale's CoinDesk Crypto 5 ETF (GDLC) reduced XRP holdings by 27.1% year-over-year, from 16.87 million tokens (June 30, 2025) to 12.30 million tokens (June 30, 2026), according to the fund's FY2026 Form 10-K filed with the SEC on September 3, 2026.
- • Fair value of the XRP position collapsed 67.2%, declining from $39.14 million to $12.83 million, reflecting both the 27% token reduction and a significant decline in XRP's per-unit valuation over the fiscal year.
- • The reduction was primarily driven by 7.44 million XRP in shareholder redemptions, partially offset by 3.00 million XRP in new contributions, demonstrating client-driven portfolio flux rather than a purely discretionary investment decision.
- • XRP remains the fourth-largest asset in the GDLC portfolio at 4.15% of net assets, trailing Bitcoin (76.03%), Ether (12.32%), and BNB (4.76%), indicating continued but diminished exposure within Grayscale's diversified crypto holdings.
- • The fund recorded $28.01 million in unrealized depreciation on XRP during fiscal 2026, partially offset by $12.19 million in realized gains from share redemptions, illustrating marked volatility in the asset's performance.
Summary
Grayscale's CoinDesk Crypto 5 ETF reported a significant contraction in its XRP position as of June 30, 2026, according to the fund's annual SEC filing submitted September 3, 2026. The fund's XRP holdings declined 27.1% from 16.87 million tokens to 12.30 million tokens over the fiscal year, representing a loss of approximately 4.57 million tokens. More dramatically, the fair value of these holdings plummeted 67.2%, from $39.14 million to $12.83 million, reflecting both the reduced token count and a sharp decline in XRP's market valuation during the period.
The magnitude of the position reduction warrants context beyond a simple bearish investment thesis. The filing's detailed breakdown reveals that shareholder redemptions were the primary driver, with 7.44 million XRP redeemed during fiscal 2026. This was partially offset by 3.00 million XRP received through new fund contributions. Additional factors included 153,534 XRP distributed as management fees and a net gain of 11,912 XRP from portfolio rebalancing activities. The fund also recorded $28.01 million in unrealized depreciation on XRP holdings, though it generated $12.19 million in realized gains associated with share redemptions.
Despite the significant reduction, XRP retained its position as the fourth-largest holding in GDLC's portfolio at fiscal year-end, representing 4.15% of net assets. The fund's allocation remained heavily concentrated in Bitcoin, which accounted for 76.03% of the portfolio, with Ether at 12.32% and BNB at 4.76%. The XRP position's diminished weighting—down 0.89 percentage points from the prior year's 5.04%—reflects both the absolute decline in token holdings and the relative strength of Bitcoin and Ether positions during the fiscal period. The filing demonstrates how large-scale crypto fund portfolios respond dynamically to redemption pressures while maintaining diversified exposure across major digital assets.
The magnitude of the position reduction warrants context beyond a simple bearish investment thesis. The filing's detailed breakdown reveals that shareholder redemptions were the primary driver, with 7.44 million XRP redeemed during fiscal 2026. This was partially offset by 3.00 million XRP received through new fund contributions. Additional factors included 153,534 XRP distributed as management fees and a net gain of 11,912 XRP from portfolio rebalancing activities. The fund also recorded $28.01 million in unrealized depreciation on XRP holdings, though it generated $12.19 million in realized gains associated with share redemptions.
Despite the significant reduction, XRP retained its position as the fourth-largest holding in GDLC's portfolio at fiscal year-end, representing 4.15% of net assets. The fund's allocation remained heavily concentrated in Bitcoin, which accounted for 76.03% of the portfolio, with Ether at 12.32% and BNB at 4.76%. The XRP position's diminished weighting—down 0.89 percentage points from the prior year's 5.04%—reflects both the absolute decline in token holdings and the relative strength of Bitcoin and Ether positions during the fiscal period. The filing demonstrates how large-scale crypto fund portfolios respond dynamically to redemption pressures while maintaining diversified exposure across major digital assets.
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