Intelligence Brief
Canary Capital’s XRP ETF ended the first half of 2026 with net assets of $241.2 million, down $81.65 million from the end of December despite $82.36 million in net capital-share activity.
The fund recorded an unaudited $164 million decrease from operations. Unrealised XRP depreciation accounted for $159.7 million, while realised losses totalled $3.59 million and the fund reported a $716,898 net investment loss.
XRP holdings increased 31.7% to approximately 231.3 million tokens. Net asset value per share fell from $19.58 to $11.08.
The fund attributed $88.26 million to shares sold and $5.90 million to redemptions. Those accounting entries are not necessarily equivalent to cash entering and leaving the product. Authorised participants can settle transactions in cash or in kind, and the filing does not disclose the split.
Strategic Assessment
Canary accumulated more XRP exposure while the dollar value of the portfolio fell. The outcome separates token quantity from shareholder performance.
The fund manager benefits from a larger operating base if share creation continues. Investors remain fully exposed to XRP’s price movement, which overwhelmed both capital activity and the effect of the larger token balance.
The filing also limits conclusions about retail or institutional demand. It identifies authorised-participant activity but does not disclose the beneficial owners behind creations.
