Canary Capital’s Canary XRP ETF (XRPC) ended the primary half of 2026 with $81.6 million much less in web property even after capital-share transactions added a web $82.4 million, displaying how falling asset values can overwhelm development in an exchange-traded fund.
The fund’s unaudited Form 10-Q, filed Aug. 7, confirmed web property declining from $322.8 million at Dec. 31, 2025, to $241.2 million at June 30, 2026.
The accounting bridge is direct: capital-share transactions elevated web property by $82.36 million, but the accounting lower from operations, primarily unrealized XRP depreciation, lowered them by $164.00 million. The distinction was the $81.65 million decline in web property over the six-month interval.
XRPC attributed $88.26 million to shares bought and $5.90 million to shares redeemed. As a result of approved individuals place XRPC’s creation and redemption orders and can settle them in cash or in kind, the $82.36 million isn’t equal to money influx and doesn’t immediately measure retail-investor shopping for. The submitting doesn’t disclose the interval’s cash-versus-in-kind cut up.
Unrealized depreciation overwhelmed web share exercise
Unrealized depreciation accounted for $159.70 million of the $164.00 million lower from operations. The steadiness comprised $3.59 million of realized losses and a $716,898 web funding loss. All are unaudited figures for the total six months, not the second quarter alone.
The fund’s redemptions subsequently didn’t exceed its new share exercise. Internet capital-share exercise remained optimistic, but the accounting lower from operations was practically twice as massive as the worth added by means of capital transactions. Unrealized XRP depreciation, somewhat than charges or realized losses, dominated that lower.
The distinction is clearest in XRPC’s holdings. The belief held 231.3 million XRP at June 30, up 55.7 million XRP, or 31.7%, from 175.6 million on the finish of 2025. The amount of XRP rose whereas unrealized depreciation lowered the greenback worth acknowledged in the portfolio.
The fund additionally bought 3.93 million XRP to fund share redemptions throughout the first half, recording a $3.26 million realized loss on these gross sales. That was a loss acknowledged by the fund, not a measure of losses realized by particular person XRPC shareholders.
XRPC’s submitting captures two simultaneous actions: web capital-share exercise and XRP items each elevated, whereas depreciation reduce the worth of the bigger token pool. The end result was a fund with extra XRP but $81.6 million much less in web property at midyear.
