Grayscale’s CoinDesk Crypto 5 ETF ended fiscal 2026 holding 12.30 million XRP, a sharp reduction from the 16.87 million XRP reported one year earlier, according to a newly filed annual report with the U.S. Securities and Exchange Commission.
The position fell by roughly 4.57 million XRP, or 27.1%, between June 30, 2025 and June 30, 2026. Its reported fair value dropped even more dramatically, from approximately $39.14 million to $12.83 million, a decline of about 67%.
XRP-focused researcher BankXRP highlighted the change shortly after Grayscale’s FY2026 Form 10-K appeared in SEC records. The filing was submitted Sept. 3 and covers the fiscal year ended June 30, 2026.
What actually happened to Grayscale’s XRP?
The headline decline does not mean Grayscale simply sold 4.57 million XRP because of a bearish investment decision.
The filing provides a more detailed breakdown.
During fiscal 2026, the fund received about 3.00 million XRP in contributions, while approximately 7.44 million XRP were redeemed. Another 153,534 XRP were distributed for management fees, while portfolio rebalancing contributed a net 11,912 XRP.
The fund also recorded approximately $28.01 million in unrealized depreciation on XRP during the year. Separately, XRP transactions associated with share redemptions generated a realized gain of roughly $12.19 million.
| XRP position | June 30, 2025 | June 30, 2026 | Change |
|---|---|---|---|
| XRP held | 16.87M | 12.30M | -27.1% |
| Fair value | $39.14M | $12.83M | -67.2% |
| Portfolio weight | 5.04% | 4.15% | -0.89 pts |
XRP remains inside Grayscale’s five-asset ETF
Despite the reduction, XRP remained the fourth-largest asset in the Grayscale CoinDesk Crypto 5 ETF at fiscal year-end, representing 4.15% of its net assets.
Bitcoin dominated the portfolio at 76.03%, followed by Ether at 12.32% and BNB at 4.76%. XRP remained ahead of Solana, which represented 2.74%. Total fund net assets stood at approximately $308.96 million, versus $777.22 million a year earlier.
Importantly, GDLC is a diversified crypto index product and should not be confused with Grayscale’s dedicated spot XRP ETF, GXRP.
That distinction matters at a time when institutional XRP exposure is expanding through multiple regulated products. Recent disclosures have put major Wall Street firms among reported XRP ETF holders, while XRP funds have continued attracting capital even during periods of weak token prices.
Grayscale itself has also argued that XRP ETFs could eventually absorb 5% to 6% of circulating XRP supply if adoption follows the trajectory of earlier crypto ETFs.
So while the new filing reveals a substantially smaller XRP position inside GDLC, the underlying numbers point primarily to fund redemptions, portfolio mechanics and lower XRP valuation, rather than evidence that Grayscale has abandoned its broader XRP strategy.