Canary XRP ETF Holds 212.6M XRP Worth ~$305M
Canary Capital’s Canary XRP ETF reported 212.6 million XRP, worth about $305 million, in a May 16 holdings update following its March 31 Form 10-Q.
Canary Capital’s Canary XRP ETF reported holding 212.6 million XRP, valued at about $305 million, in a May 16 holdings update that followed the trust’s Form 10-Q for the quarter ended March 31.
The Form 10-Q showed the trust held 197.2 million XRP on March 31, up from 175.6 million on Dec. 31. The March 31 balance was valued at $264.9 million, down from $323 million at Dec. 31, reflecting a decline in XRP’s market price despite the higher token count.
The filing describes the trust as a Delaware statutory trust and a spot-only vehicle that holds XRP on behalf of shareholders. Canary Capital Group LLC is listed as sponsor and CSC Delaware Trust Company as trustee. The filing states: “The trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of XRP.”
Coinbase Custody Trust Company LLC and BitGo Trust Company Inc. serve as custodians for the XRP. U.S. Bank Global Fund Services acts as administrator, transfer agent and accounting agent. The administrator calculates the fund’s net asset value each business day after 4 p.m. Eastern.
The filing sets out operational mechanics: “The trust purchases XRP upon the creation of Shares and sells XRP upon the redemption of Shares.” Shares are created and redeemed in 10,000-share baskets. Depending on agreements with authorized participants, transactions may settle in cash or XRP. The filing disclosed no use of derivatives, leverage, synthetic exposure, other crypto assets, securities or cash-like instruments.
Activity in the first quarter produced most token inflows. The trust purchased 16.5 million XRP and received 5.6 million XRP through in-kind creations. It sold 319,319 XRP to satisfy redemptions and transferred 225,061 XRP to cover sponsor fees. The filing noted no XRP were distributed in-kind for redemptions during the quarter.
The May 16 holdings update reported the larger token balance after quarter-end and an approximate valuation of $305 million. Shareholders own trust shares and not direct claims on specific XRP held by custodians. Reported exposure will change with basket creation and redemption activity, custody arrangements and changes in XRP’s market price.
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