XRP ETF Sees Inflows Outweighed by Price Drop

Canary Capital's XRP-focused exchange-traded fund (ETF), XRPC, experienced a net asset decline of over $81 million in the first half of 2026, despite attracting $82 million in capital share transactions. The fund's net assets fell from $322.8 million at the end of 2025 to $241.2 million by mid-2026.

The decrease was primarily driven by a substantial unrealized depreciation in the value of XRP, which reduced net assets by $164 million. This price depreciation significantly outpaced the capital inflows generated by investors purchasing new shares. While the fund saw an increase in its XRP holdings, the falling market value of the asset erased the gains from new investments.

This situation highlights how market volatility can impact ETFs, even those with strong investor interest. The net capital activity remained positive, indicating new shares were created, but the underlying asset's performance was the dominant factor in the fund's overall value change. The filing did not specify whether the new shares were settled in cash or in-kind.