XRP (CRYPTO: XRP) ETFs hold roughly $1.6 billion combined, dwarfing Grayscale’s single Zcash fund, yet Zcash is the one generating headlines after a record-setting launch.
Why Zcash’s $1 Billion Headline Needs Context
Grayscale Managing Director Krista Lynch told The Starting Block at Token2049 that its Zcash (CRYPTO: ZEC) ETF, (NASDAQ:ZCSH), crossed $1 billion in assets in its first 30 days of trading.
That puts it among the top 1% of all ETFs launched in the past decade, ranked by how much money they gathered in their first month.
ZCSH crossed $500 million in assets with just over $70 million in net inflows during its first two weeks, according to Grayscale’s September 8 announcement.
A separate DCG-affiliated entity also contributed about $100 million of ZEC for fund shares in a disclosed related-party transaction.
Assets reflect total holdings, including token-price appreciation, so the $1 billion figure includes more than fresh outside demand. By Oct. 7, ZCSH’s reported assets had already fallen to roughly $767 million.
How XRP’s Ownership Is Split Across Issuers
The five XRP funds tracked by SoSoValue held approximately $1.61 billion combined on Oct. 7, with Bitwise (NYSE:XRP), Franklin (NYSE:XRPZ) and Canary (NASDAQ:XRPC) accounting for most of the assets.
Grayscale’s XRP fund sits at the bottom of the pack, and that gap looks different once you compare it to Zcash’s launch.
| XRP Fund | Net Assets, Oct. 7 | Cumulative Net Inflows |
| Bitwise | $598.02 million | $687.74 million |
| Franklin | $417.34 million | $500.98 million |
| Canary | $349.50 million | $486.81 million |
| 21Shares (CBOE: TOXR) | $152.83 million | −$21.15 million |
| Grayscale (NYSE:GXRP) | $92.76 million | $145.38 million |
Grayscale’s XRP fund holds just 5.8% of total category assets, smaller than the $1 billion ZCSH gathered in its first month alone.
That gap traces back to heavy redemptions earlier this year, not a lack of early interest in GXRP.
As Benzinga reported on Jan. 30, GXRP saw $98.39 million in redemptions in a single session, pushing the entire XRP ETF category into net outflows that day.
Grayscale’s own SEC filing showed the toll from the first half of 2026:
- Redemptions: 103.41 million XRP worth $180.78 million
- New creations: just $66.58 million
- Net redemptions: $114.20 million
- Fund holdings: fell from 122.23 million XRP to 55.04 million by June 30
GXRP has since started rebuilding, with Maketo estimating its holdings at roughly 65 million XRP on Oct. 7.
Who’s Actually Buying XRP ETFs?
Bloomberg Intelligence analyst Eric Balchunas said earlier this year that the XRP ETF buyer base looks like “largely XRP super fans versus casual retail.”
In plain terms, loyal XRP holders, not Wall Street institutions, may be driving most of the inflows so far, which matters for whether this demand holds up over time or fades once the initial excitement wears off.
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