Canary $XRP ETF reported 212.6 million $XRP, valued at about $305 million, as its latest holdings update followed a quarterly SEC filing. The trust’s disclosures showed rising token holdings, spot-only exposure, and valuation pressure tied to $XRP’s price action.
Key Takeaways:
- Canary Capital reported 212.6 million $XRP in its latest ETF holdings update.
- Quarter-end assets rose in token terms, but valuation fell after $XRP weakened.
- Further exposure depends on basket activity, custody arrangements, and $XRP price moves.
Canary $XRP ETF Reports Expanded Holdings
Canary Capital Group published holdings for Canary $XRP ETF showing 212.6 million $XRP, valued at about $305 million, in its latest reporting on May 16. The update followed the trust’s quarterly Form 10-Q, filed with the U.S. Securities and Exchange Commission (SEC) for the quarter ended March 31. The filing detailed the exchange-traded fund (ETF)’s holdings, expenses, operations, and financial condition.
Quarter-end disclosures showed the trust held 197.2 million $XRP on March 31, up from 175.6 million on Dec. 31. That balance was valued at $264.9 million, down from $323 million, as $XRP’s price decline outweighed the higher token count. The filing classified $XRP as the trust’s only investment. The filing states:
“The trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of $XRP.”
Creation activity accounted for most first-quarter $XRP inflows. The trust purchased 16.5 million $XRP and received 5.6 million $XRP through in-kind creations. It sold 319,319 $XRP for share redemptions and transferred 225,061 $XRP to pay sponsor fees. No $XRP was distributed in-kind for redemptions during the quarter.
Trust Structure Centers on Spot $XRP Exposure
Organized as a Delaware statutory trust, Canary $XRP ETF holds $XRP for shareholders through a spot-only structure. Canary Capital Group LLC serves as the sponsor, while CSC Delaware Trust Company serves as the trustee. Shareholders own trust shares, not direct claims on specific $XRP held by custodians.
Basket activity ties the fund’s share supply to $XRP flows. The trust creates and redeems shares in 10,000-share baskets. Depending on authorized participant agreements, transactions may settle in cash or $XRP. The filing disclosed no derivatives, leverage, synthetic $XRP exposure, other crypto assets, securities, or cash-like instruments.
Coinbase Custody Trust Company LLC and Bitgo Trust Company Inc. serve as $XRP custodians. U.S. Bank Global Fund Services acts as administrator, transfer agent, and accounting agent. The administrator calculates net asset value (NAV) each business day after 4 p.m. Eastern time. The filing notes:
“The trust purchases $XRP upon the creation of Shares and sells $XRP upon the redemption of Shares.”
Together, the May holdings update and quarterly filing show a larger $XRP position after quarter-end. The trust remained concentrated in spot $XRP, making custody, basket activity, and $XRP price movements central to its reported exposure.
