Canary Capital's Canary XRP ETF (XRPC) reported net assets of $241.17 million at June 30, 2026, down from $322.82 million at the end of 2025, even though net capital-share transactions added $82.36 million during the first half. The Aug. 7 Form 10-Q showed $88.26 million from shares sold and $5.90 million from shares redeemed, while a $164.00 million decrease from operations more than offset that increase. Most of the operating decline came from $159.70 million of unrealized XRP depreciation, alongside $3.59 million in realized investment losses and $716,898 in sponsor fees. XRP fell 43.27% from $1.84 to $1.04 over the same period, and XRPC posted a 42.84% NAV loss through June 30. The filing also clarified that the $82.36 million increase from capital-share activity should not be treated as a direct measure of investor cash inflows, because authorized participants can create and redeem ETF shares in cash or in kind using XRP. During the six months, the fund bought 34.13 million XRP valued at $52.20 million, received another 25.93 million XRP valued at $36.05 million through in-kind creations, and sold 3.93 million XRP worth $5.90 million to meet redemptions, with no XRP distributed in kind on redemptions. XRPC's holdings rose 31.7% to 231.28 million XRP from 175.63 million, but the fair value of those holdings fell from $322.97 million to $241.28 million as the token's price declined. Pressure on the fund persisted after the quarter. Canary's published data showed XRPC net assets at $237.38 million on Aug. 7, with NAV and market price both at $10.85. Shares outstanding had edged up to 21.87 million from 21.77 million at June 30, while the fund's NAV return worsened to negative 43.93% for 2026 through Aug. 7 and its market price return stood at negative 44.22%. The figures underline the main dynamic in the filing: share creation continued and the trust accumulated more XRP, but falling token prices left the ETF with fewer dollars in net assets.