According to data compiled by Woofun AI, the Grayscale XRP ETF (GXRP.US) experienced a sharp divergence in Q2 between cash inflows and market value shrinkage. Despite generating multi-million-dollar gains from stock trading, substantial operating losses led to a significant erosion of assets.

During the second quarter, the fund repurchased 480,000 shares, which accounted for 12.2% of the 3.94 million share reduction from the first quarter. A 10-Q filing submitted on August 4 revealed that the fund issued 510,000 shares and redeemed 30,000 shares during the period. Data compiled by Woofun AI shows that proceeds from stock issuance totaled $13.442 million, which, after deducting $699,000 in redemption costs, resulted in a net capital gain of $12.743 million.

However, operating losses of $16.846 million dominated the net asset value trend, dragging the net assets down from $61.516 million at the end of March to $57.413 million. Of this, $16.789 million was attributed to investment losses, including $16.327 million in unrealized declines, $433,000 in realized losses from redemptions, and $29,000 in losses from expense-related sales. Combined with a net investment loss of $57,000, the total operating loss reached $16.846 million.

The first half of the year showed an even more severe performance, with net assets decreasing by a total of $165.951 million. This included a $114.203 million reduction from stock trading activities and a $51.748 million outflow from operations. As of June 30 and July 30, the number of shares outstanding remained static at 2,840,100, indicating that all issuances and redemptions in July were fully offset, bringing the inventory structure into a state of static equilibrium.