Canary Capital Group published holdings for Canary XRP ETF showing 212.6 million XRP, valued at about $305 million, in its latest reporting on May 16. The update followed the trust’s quarterly Form 10-Q, filed with the U.S. Securities and Exchange Commission (SEC) for the quarter ended March 31. The filing detailed the exchange-traded fund (ETF)’s holdings, expenses, operations, and financial condition.

Quarter-end disclosures showed the trust held 197.2 million XRP on March 31, up from 175.6 million on Dec. 31. That balance was valued at $264.9 million, down from $323 million, as XRP’s price decline outweighed the higher token count. The filing classified XRP as the trust’s only investment. The filing states:

“The trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of XRP.”

Creation activity accounted for most first-quarter XRP inflows. The trust purchased 16.5 million XRP and received 5.6 million XRP through in-kind creations. It sold 319,319 XRP for share redemptions and transferred 225,061 XRP to pay sponsor fees. No XRP was distributed in-kind for redemptions during the quarter.

Canary XRP ETF holdings. Source: Canary Capital Group

Organized as a Delaware statutory trust, Canary XRP ETF holds XRP for shareholders through a spot-only structure. Canary Capital Group LLC serves as the sponsor, while CSC Delaware Trust Company serves as the trustee. Shareholders own trust shares, not direct claims on specific XRP held by custodians.

Basket activity ties the fund’s share supply to XRP flows. The trust creates and redeems shares in 10,000-share baskets. Depending on authorized participant agreements, transactions may settle in cash or XRP. The filing disclosed no derivatives, leverage, synthetic XRP exposure, other crypto assets, securities, or cash-like instruments.

Coinbase Custody Trust Company LLC and Bitgo Trust Company Inc. serve as XRP custodians. U.S. Bank Global Fund Services acts as administrator, transfer agent, and accounting agent. The administrator calculates net asset value (NAV) each business day after 4 p.m. Eastern time. The filing notes:

“The trust purchases XRP upon the creation of Shares and sells XRP upon the redemption of Shares.”

Together, the May holdings update and quarterly filing show a larger XRP position after quarter-end. The trust remained concentrated in spot XRP, making custody, basket activity, and XRP price movements central to its reported exposure.

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