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XRP Gray Scale has significantly reduced its holdings of XRPs, and its positions have dropped by more than half in the first half of 2026.
Data shared by crypto analyst Steph Is Crypto shows that as of June 30, 2026, Gray Scale Investment Trust Funds hold approximately 55 million XRPs in the investment portfolio, compared with more than 122 million at the end of December 2025. This means that in the first six months of 2026, gray-scale XRP positions have dropped by more than half.
Gray Scale's XRP sell-off and portfolio adjustments
Steph Is Crypto pointed out that Gray Scale sold more than US$67 million worth of XRP during this period, indicating a significant decline in the institution's exposure to the asset. The trust's financial filing shows that its total XRP holdings have dropped by approximately 67.2 million, leaving less than half of what they were six months ago.
At the end of 2025, based on a price of US$1.83 per XRP, the fair value of the gray-scale XRP investment portfolio exceeded US$223 million. However, by mid-2026, the XRP price had dropped to US$1.04 per piece, and the value of the trust fund's holdings was approximately US$57.4 million.
Transaction records in the filing show that these changes involve a variety of operations, including token redemption, distribution to pay management fees, and realized and unrealized changes in asset values. According to a post posted by Steph Is Crypto after analyzing the trust's financial statements, Gray has sold more than $67 million in XRP, a reduction of more than 50%.
Market Comments and Reactions
XRP community members and observers responded to the data and asked questions about market sentiment. Some, such as Rick Wilson, believe that large-scale institutional exits can occur after asset performance continues to deteriorate, and potential losses will particularly affect ETF investors. Wilson interpreted XRP's difficulty in recovering from recent lows as a sign of continued pressure, but the filing itself did not confirm a widespread loss for all holders, nor did it guarantee further price declines. Instead, it only reflects a snapshot of the adjustment of gray scale strategies, rather than a full picture of the entire ETF market.
Another participant, DAMAGE, said that Gray had sold approximately US$180 million in XRPs at the beginning of 2026, but still holds a large position of 55 million XRPs. Some investors interpret the significant reduction in gray scale as a signal that the institution is cautious about XRP as a whole, but the filing documents show that it still holds considerable positions and is conducting continued portfolio management activities.
Details of trust fund financial declaration documents
The official report details how the gray scale XRP balance dropped from more than 122 million at the end of 2025 to approximately 55 million by mid-2026. The fair value assessment is based on pricing provided by Coinbase at 4 p.m. New York time, which the trust considers a major market source.
These developments come at a time when XRP is still trading below its level at the end of 2025, reflecting the challenges facing the entire altcoin market. In this context, effective portfolio monitoring and market data integration are increasingly critical for institutional and retail investors.
Although Gray's activity suggests it is adjusting its investment strategy in XRP, the company's remaining positions still reflect its important market position. The market is closely watching how Gray and other major investors respond to changing digital asset trends in the coming quarters.
