Key Takeaways
- • Grayscale sold $180.78 million worth of XRP in the first half of 2026, according to SEC Form 10-Q filing, driven by investor redemptions of the Grayscale XRP Trust ETF (GXRP).
- • The ETF's XRP holdings collapsed from 122.23 million tokens at end-2025 to 55.04 million tokens as of June 30, 2026—a 55% reduction—while net assets plummeted from $223.36 million to $57.41 million.
- • Grayscale realized $34.16 million in losses on XRP sales during the first half of 2026, reflecting significant depreciation in the token's value during the period.
- • The fund experienced net outflows substantially exceeding inflows; while 36.27 million XRP were created from new contributions valued at $66.58 million, redemptions of 103.41 million XRP drove the dramatic contraction in fund assets.
- • Grayscale CEO Peter Mintzberg filed to sell 2,611 GXRP shares worth approximately $53,394, marking the first insider transaction in the newly launched ETF following its November 2024 approval.
Summary
Grayscale disclosed significant portfolio liquidation activity in its Grayscale XRP Trust ETF (GXRP) during the first half of 2026, cashing out $180.78 million in XRP holdings according to a newly filed SEC Form 10-Q filing. The liquidation reflects substantial redemption pressure on the fund as XRP experienced considerable price deterioration during the period. The fund recorded $34.16 million in realized losses on the sale of XRP used to meet investor redemptions.
The scale of redemptions fundamentally reshaped the fund's asset base. XRP holdings decreased from 122.23 million tokens at December 31, 2025, to 55.04 million tokens as of June 30, 2026. This 55% reduction in token holdings directly translated to a dramatic contraction in fund value, with net assets declining from $223.36 million to $57.41 million over the six-month period. While the fund did receive new investor inflows during this timeframe—36.27 million XRP created through contributions valued at $66.58 million—these inflows were substantially outpaced by the 103.41 million XRP redeemed by existing shareholders.
The fund structure requires authorized participants to manage creation and redemption mechanics, with the number of XRP shares varying based on redemptions, new issuances, and the trust's periodic sponsor fee withdrawals. The SEC filing indicates that reductions in XRP holdings per share were driven partly by ongoing sponsor fee deductions in addition to the large-scale redemptions triggered by investor withdrawals.
Notably, Grayscale CEO Peter Mintzberg filed notice to sell 2,611 GXRP shares worth approximately $53,394 through Cantor Fitzgerald, marking the first insider transaction since the CEO acquired shares directly from the issuer in October 2024. This executive sale comes as XRP has traded significantly below its July all-time high, reflecting broader weakness in the digital asset during 2026.
The scale of redemptions fundamentally reshaped the fund's asset base. XRP holdings decreased from 122.23 million tokens at December 31, 2025, to 55.04 million tokens as of June 30, 2026. This 55% reduction in token holdings directly translated to a dramatic contraction in fund value, with net assets declining from $223.36 million to $57.41 million over the six-month period. While the fund did receive new investor inflows during this timeframe—36.27 million XRP created through contributions valued at $66.58 million—these inflows were substantially outpaced by the 103.41 million XRP redeemed by existing shareholders.
The fund structure requires authorized participants to manage creation and redemption mechanics, with the number of XRP shares varying based on redemptions, new issuances, and the trust's periodic sponsor fee withdrawals. The SEC filing indicates that reductions in XRP holdings per share were driven partly by ongoing sponsor fee deductions in addition to the large-scale redemptions triggered by investor withdrawals.
Notably, Grayscale CEO Peter Mintzberg filed notice to sell 2,611 GXRP shares worth approximately $53,394 through Cantor Fitzgerald, marking the first insider transaction since the CEO acquired shares directly from the issuer in October 2024. This executive sale comes as XRP has traded significantly below its July all-time high, reflecting broader weakness in the digital asset during 2026.
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