Investment manager Brookstone Capital Management reported 12,380 shares of Volatility Shares’ $XRP ETF with a fair value of $71,059 in its June 30 quarter-end holdings disclosure. Yet, social media is spreading a narrative of a massive $71 million position.
Brookstone’s June 30 information table filed with the SEC lists the Volatility Shares $XRP ETF under CUSIP 92864M780, with 12,380 shares and a reported value of 71,059. Under the SEC’s current reporting rule, that means $71,059.
X posts paired the share count with a rounded “$71M position.” Others repeated the $71 million interpretation just over an hour later. Since then, the figures have continued to do the rounds.
The filing unit changed in 2023
The $71 million figure matches what the filing’s 71,059 value would mean under the obsolete pre-2023 thousands convention.
The SEC’s Form 13F guidance says filings submitted on or after Jan. 3, 2023, report dollar values rounded to the nearest dollar. Before the amendment, values were reported to the nearest thousand dollars.
The agency made the technical change explicit in EDGAR Release 22.4.1, which said the XML value field would change from thousands to the nearest dollar on Jan. 3, 2023.
That leaves two readings of the same entry:
- Current convention: 71,059 means $71,059.
- Superseded convention: 71,059 would mean $71,059,000.
The obsolete reading is exactly 1,000 times the filing’s actual value. The X posts rounded that stale-unit result to $71 million.
Dividing $71,059 by 12,380 gives about $5.74 of reported fair value per share. Applying the old unit would imply about $5,740 per share for the same holding. That per-share check shows why the $71 million reading does not seem possible.
Brookstone’s March 31 information table reported 11,144 shares under the same CUSIP, valued at $84,469. According to CryptoSlate’s analysis of its SEC filings, Brookstone filed the prior-quarter report on April 16, 2026, and the June 30 report on July 15, 2026.
Brookstone reported 11.1% more XRPI shares at the end of June than at the end of March, while the reported fair value fell 15.9%. The two snapshots show that the security appeared in both Q1 and Q2 disclosures, so Brookstone had already disclosed the same security in its first-quarter filing.
The dates matter, too. The July 15 filing disclosed a June 30 position; it did not report any new purchases on July 15 or July 16.
The security itself is another potential source of overstatement. Volatility Shares’ official fund page identifies the product as XRPI, lists CUSIP 92864M780, and states that the fund uses instruments, including $XRP futures. It also states directly that the fund does not invest in $XRP itself. CryptoSlate covered XRPI’s launch as a 1x $XRP futures ETF in May 2025.
Brookstone’s 13F therefore reports XRPI shares over which the adviser exercised investment discretion. It does not establish that Brookstone bought those shares for its own balance sheet, nor does it report direct ownership or custody of $XRP tokens.
A four-step check for crypto 13F claims
As Q2 institutional filings generate new crypto narratives, the same sequence can separate a genuine change in exposure from a recycled or misread disclosure:
- Confirm the reporting unit. Current Form 13F values are rounded to the nearest dollar, not the nearest thousand.
- Check the value against the share count. Divide the reported value by the reported shares. If changing the assumed unit changes the implied figure by 1,000 times, inspect the filing rule before repeating the claim.
- Compare the prior quarter. Match the CUSIP as well as the security name to determine whether the same holding appeared in an earlier disclosure.
- Identify what the filer owned. Fund shares, futures-linked exposure and direct token ownership are different claims.
In Brookstone’s case, an obsolete unit turned a five-figure fund disclosure into a false eight-figure narrative. The current SEC rule, the share count, the prior-quarter table, and the nature of XRPI all point back to the same figure: $71,059.
