What to know:
- 21Shares XRP ETF reveals 135 million holdings in annual report
- Institutional demand grows as XRP ETF assets reach $247 million
- XRP accumulation rises 35% despite market volatility and price pressure
Fresh regulatory disclosures have drawn market attention after 21Shares revealed the scale of XRP held within its exchange-traded fund, highlighting how institutional exposure continues to build through structured investment vehicles linked directly to the asset.
The newly released Annual 10-K filing confirms that 21Shares holds more than 135 million XRP within its ETF, with total net assets standing at approximately $247 million and 13.89 million shares currently outstanding across the product. This marks the first full-year report since the ETF launched, offering a clearer view of how the fund has evolved.
Additionally, the filing shows that XRP holdings increased from 100 million in 2024 to over 135 million in 2025, reflecting a growth of more than 35% despite continued price volatility across the broader crypto market. Consequently, this expansion suggests that capital continued to flow into the fund even during periods of weaker price performance.
Moreover, total net assets rose from about $209 million in 2024 to nearly $247 million in 2025, representing an increase of roughly 18% over the reporting period. However, the report also indicates that 21Shares ETF currently holds XRP below its average acquisition cost, which points to unrealized losses driven by market conditions rather than reduced investor participation.
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Institutional Allocation Grows as XRP ETF Expands Holdings
The ETF maintains a highly concentrated structure, with nearly 100% of its capital allocated directly to XRP, reinforcing its role as a focused exposure vehicle rather than a diversified crypto investment product. Besides that, liabilities remain minimal, which supports a straightforward structure centered on direct asset holding.
The report further shows that shares outstanding increased from 10 million to 13.89 million, reflecting a rise of nearly 39% as additional investors entered the fund over time. At the same time, the net asset value per share declined, which aligns with broader XRP price movements rather than signaling any drop in demand for the ETF itself.
Furthermore, the ETF represents an estimated 33% to 37% of the total XRP ETF market, indicating that 21Shares holds a significant share of institutional exposure through regulated products tied to XRP. Consequently, its position provides insight into how institutional capital is currently distributed within this segment of the market.
Meanwhile, the XRP held within the ETF remains locked in custody structures, which limits its immediate availability in active trading environments and may gradually influence supply dynamics if accumulation continues at a similar pace. However, price movements have not yet reflected the full scale of this accumulation, suggesting that broader market factors still play a dominant role.
The 21Shares Annual 10-K filing highlights continued institutional accumulation of XRP through ETF structures, while also showing that market performance remains influenced by wider conditions beyond fund-level growth.
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