Key points:
- Grayscale sold 103.41 million XRP tokens valued at $180.78M during the first half of 2026, according to a filing with the SEC.
- Trust holdings fell from 122.23 million tokens to 55.04 million as of June 30, recording a realized loss of $34.16M from redemptions.
- Outstanding shares of the Grayscale fund were reduced from 6.30 million to 2.84 million. XRP has declined more than 40% over the period.
Grayscale liquidated 103.41 million XRP tokens for a value of $180.78M during the first half of 2026, according to a formal filing with the U.S. Securities and Exchange Commission (SEC). The document reveals that the XRP Trust’s holdings dropped from 122.23 million tokens at the end of 2025 to just 55.04 million as of June 30, a contraction that reflects the sustained pressure of redemptions throughout the semester.
The token’s price followed the bearish trend: XRP fell from $1.84 on January 1 to $1.05 on June 30, a loss in value of more than 40% over the period. It currently trades in a range between $1.015 and $1.041, near the lower end of its 52-week range, which extends from $1.0095 to $3.3818.
Grayscale Faces Redemption Pressure
The value of the trust’s holdings plummeted from $223.36M to $57.41M between December 2025 and June 2026. Grayscale recorded a realized loss of $34.16M on the XRP sold to meet share redemptions, along with an unrealized loss of $17.47M on its remaining position. An additional loss of $39,000 was also recorded on XRP liquidated to cover the fund’s operating expenses.
During the semester, the Grayscale trust created an additional 36.27 million XRP valued at $66.58M, a volume that proved insufficient to offset the outflows. Outstanding shares fell from 6.30 million to 2.84 million. The fund repurchased 5.33 million shares and sold 1.87 million during the same period. According to the filing, authorized participants are responsible for the creation and redemption of shares, while periodic XRP withdrawals to cover the sponsor’s fee contributed to the reduction of holdings per share.
Flows and Regulation
Weekly flows into XRP exchange-traded funds dropped to approximately $1M, down from the $14.9M recorded the previous week, according to data from CoinGlass. However, daily flows rebounded to around $3.5M on August 6. In terms of accumulation, XRP ETFs recorded net inflows of $1.42B since their launch in November 2024, putting the scale of Grayscale’s vehicle outflows into perspective.
On the other hand, the U.S. Senate postponed consideration of the CLARITY Act legislation until at least September, leaving the regulatory question over the industry unresolved. Ripple, for its part, released 1 billion XRP from its escrow account on August 1 as part of its scheduled monthly unlock process, although it historically returns a significant portion of those tokens to escrow rather than releasing them entirely to the market.
