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XRP Grayscale's XRP holdings have dropped significantly
According to data released by cryptocurrency analyst Steph Is Crypto, Grayscale's XRP holdings have dropped by more than half. The data revealed that the number of XRPs in the trust fund decreased significantly in the first half of 2026. As of June 30, the remaining positions were approximately 55 million XRPs.
This development clearly demonstrates the changes in the trust fund's XRP position during this period, and the current XRP trading price is still lower than the level at the end of 2025.
Greyscale XRP holdings have dropped sharply
In an analysis report released recently, Steph Is Crypto pointed out that Greyscale has sold XRP worth more than US$67 million, reducing its holdings by more than 50%. The accompanying financial statements show that as of the end of December 2025, the trust fund held approximately 122.23 million XRPs.
As of June 30, 2026, this position has dropped to approximately 55.04 million XRPs. This means a reduction of approximately 67.2 million XRPs, that is, the number of positions held within half a year has been less than half of the original level.
The document also recorded the fair value of XRP at $1.04 as at June 30, compared to $1.83 at the end of 2025. Based on these prices, the fair value of XRP held by the trust was approximately $57.43 million at the end of June, compared with approximately $223.36 million six months ago.
Thefiling shows that several transactions affected the trust's XRP balance, including redemption of XRP, XRP allocations used to pay management fees, and realized and unrealized fair value changes.
Market comments raise concerns about XRP performance
The analysis triggered reactions from XRP market participants, with some concerned about the significance of reducing institutional positions. Rick Wilson believes that when assets incur significant losses, institutions may also decide to exit positions. He claimed that many investors buying XRP ETFs may currently be at a loss and interpreted XRP's difficulty in recovering from recent lows as a signal that further decline may be possible.
Although his comments reflect a bearish interpretation of the data, the document itself does not confirm that all XRP ETF investors are currently losing money, nor does it suggest that XRP must fall further.
Another commentator, DAMAGE, provided more background information on Grayscale's previous activities. He claimed that due to financial problems, the company had sold approximately $180 million of XRPs in early 2026, while still holding approximately 55 million XRPs.
Specific information disclosed in the document
This financial statement provides a more specific presentation of the trust's positions. Gray's XRP balance dropped from more than 122 million pieces at the end of 2025 to approximately 55 million pieces as of June 30, 2026.
Thefiling also states that the trust used the price offered by Coinbase at 4 p.m. New York time, which is considered the trust's primary market, to determine the fair value of XRP.
As a result, Steph Is Crypto's analysis highlights a significant reduction in gray's XRP holdings, and accompanying data shows that this change involves multiple trust transactions and valuation adjustments. The remaining balance of approximately 55 million XRPs suggests that the trust still held significant XRP positions at the end of June despite a decrease in holdings.
