Investors poured $82 million into Canary’s XRP ETF, but falling prices erased double what they put in
Canary Capital’s Canary XRP ETF (XRPC) ended H1 2026 with net assets down $81.6 million, falling from $322.8 million at Dec. 31, 2025 to $241.2 million at June 30, 2026, despite net capital-share activity of $82.4 million. Shares sold contributed $88.3 million and redemptions $5.9 million, but a $164.0 million accounting loss from operations more than offset that gain. The main driver was $159.7 million of unrealized XRP depreciation, with smaller realized losses and minimal investment loss. XRPC held more XRP at midyear — 231.3 million tokens versus 175.6 million at year-end — but the token’s price decline reduced the dollar value of those holdings. The filing also showed 3.93 million XRP sold to meet redemptions, producing a $3.26 million realized loss.
