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XRP Grayscale Crypto 5 ETF's annual XRP holdings have shrunk significantly
Grayscale's CoinDesk Crypto 5 ETF held 12.3 million XRPs at the end of fiscal year 2026, a significant decrease from 16.87 million a year ago. This significant change appears in Grayscale's latest annual report filed with the Securities and Exchange Commission (SEC) for the year ended June 30, 2026.
XRP Allocation and Fund Flow Analysis
During the period from June 2025 to June 2026, the ETF's XRP positions decreased by approximately 4.57 million, a drop of 27.1%. During the same period, the fair value of its XRP position fell from approximately US$39.14 million to US$12.83 million, a decrease of approximately 67%.
BankXRP, a research firm focused on XRP, identified these data shortly after the SEC released Grayscale's fiscal year 2026 Form 10-K on September 3. The document clarified that the change in XRP's position did not simply stem from direct sales or speculation on assets.
During the current fiscal year, CoinDesk Crypto 5 ETF received approximately 3 million new XRPs. At the same time, investors redeemed approximately 7.44 million XRPs. In addition, 153,534 XRPs were used to pay management fees, while portfolio rebalancing added a net 11,912 XRPs to fund positions.
The unrealized depreciation of XRP reached approximately US$28.01 million, reflecting negative price fluctuations over the past year. However, XRP transactions related to share redemptions generated realized gains of approximately $12.19 million over the same period.
Position in Fund Portfolio
As of the end of June 2026, XRP remains the fourth largest held asset in the CoinDesk Crypto 5 ETF, accounting for 4.15% of the fund's net assets. Bitcoin accounted for the largest share with 76.03%, followed by Ethereum (12.32%) and BNB (4.76%). Solana followed XRP with 2.74%.
As of the end of fiscal year 2026, the total net assets of the Crypto 5 ETF fell to approximately US$308.96 million, compared with US$777.22 million a year ago.
Grayscale clarified that the CoinDesk Crypto 5 ETF, widely known by its code GDLC, is a diversified cryptocurrency index fund. This product is independent of Grayscale's dedicated spot XRP ETF (GXRP).
Previously, Grayscale has cited research that pointed out that if trends are consistent with early cryptocurrency funds, ETF adoption could end up accounting for 5% to 6% of all XRPs in circulation.
So, while the annual report highlights a reduction in XRP allocations, the data suggests that redemptions, portfolio rebalancing, and the devaluation of XRP prices played a greater role in the reduction of positions than a shift in Grayscale's overall XRP outlook. The significant decrease in XRP exposure in the Crypto 5 ETF was mainly due to investor redemptions, portfolio adjustments and a broader decline in the XRP market value, rather than a deliberate retreat from the asset.
Mini Dictionary:Grayscale is a well-known digital asset management company known for its cryptocurrency investment trusts and ETFs, including diversified and asset-specific products tracked by institutional and individual investors.
