Grayscale Ripple ETF (GXRP.US) made a net profit of 10 million in Q2, but the market capitalization evaporated 16.8 million

According to Woofun AI, the Grayscale Ripple ETF (GXRP) (GXRP.US) showed a sharp divergence between capital inflows and market capitalization contraction in the second quarter. Although stock trading brought tens of millions of profits, huge losses on the operating side caused assets to evaporate sharply.

In the second quarter, the fund repurchased 480,000 shares, accounting for 12.2% of the 3.94 million share reduction in the first quarter. According to the 10-Q statement submitted on August 4, 510,000 shares were issued and 30,000 shares were redeemed during the period.

According to data compiled by Woofun AI, the stock issuance revenue of $13.442 million achieved a net capital gain of $127.43 million after deducting the redemption cost of $699,000.

However, operating losses of $168.46 million dominated the net worth trend, dropping net assets from $61.516 million to $574.13 million at the end of March. Of this, $16.789 million was an investment loss, including an unrealized decline of $16.327 million, realized losses due to redemptions of $433,000, and sales losses of $29,000, compounded by a net investment loss of $57,000, which ultimately resulted in an operating loss of $16.846 million.

The overall performance in the first half of the year was more severe, with a total decrease of US$165.95.1 million in net assets, including a decrease of US$114.203 million in stock trading and a loss of US$517.48 million in operations. As of June 30 and July 30, the total number of tradable shares was 2,840,100, indicating that the July issuance and redemption were completely offset, and the stock structure entered a static balance.