Canary Capital reported 212.6 million XRP in its latest ETF holdings update for the Canary XRP ETF. The trust’s quarter-end disclosures showed 197.2 million XRP held on March 31, up from 175.6 million on December 31, while the valuation declined from $323 million to $264.9 million due to XRP price weakness. The filing classified XRP as the only investment and described the trust as a passive vehicle designed to track XRP price performance. First-quarter inflows were driven mainly by creation activity, including purchases and in-kind creations, while redemptions involved selling a small amount of XRP and transferring XRP to pay sponsor fees. The trust is structured as a Delaware statutory trust with spot-only exposure, where shareholders hold trust shares rather than direct claims on specific XRP held by custodians. Share supply is linked to XRP flows through 10,000-share creation and redemption baskets, with settlement potentially in cash or XRP depending on participant agreements.
"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."
"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."
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