Grayscale's XRP Trust ETF Cuts Holdings by 55% in Major Portfolio Shift
A recently filed SEC Form 10-Q reveals significant activity within Grayscale's XRP Trust ETF during the first half of 2026. The trust divested over $180 million worth of XRP, reducing its total holdings from 122.23 million tokens at the end of 2025 to 55.04 million by June 30—a reduction of more than half its portfolio.
Financial Implications of the Sell-Off
This substantial rebalancing carried concrete financial consequences. The filings indicate the sales resulted in $34.16 million in realized losses for the fund. Additionally, the remaining XRP holdings showed an unrealized loss of $17.47 million at the reporting period's close, painting a clear picture of the market conditions during the divestment.
Market Context and Price Action
The sell-off occurred alongside broader market weakness for XRP, which saw its price decline over 40% during the same six-month window. This parallel downward movement suggests Grayscale's actions were part of a strategic adjustment to challenging market dynamics, rather than an isolated event.
- Core Metric: 67.2 million XRP sold, valued at approximately $180 million
- Reporting Period: January 1 – June 30, 2026
- Market Condition: XRP price declined >40% during H1 2026
The scale of this reduction raises important questions about institutional positioning. Analysts are examining whether this represents a strategic reassessment of XRP's outlook, a response to shareholder redemption pressures, or a combination of factors influencing digital asset allocation decisions.