Canary Capital has disclosed holding nearly 195 million XRP in its latest quarterly report filed with the SEC, despite a decline in the net asset value (NAV) of its XRP ETF. The report, covering the first quarter of 2026, reveals that the Canary XRP ETF held 194,948,011 XRP, with net assets exceeding $261 million. This comes as institutional interest in regulated XRP investment products continues to grow. The ETF's NAV dropped to $15.03 per share from $20.46 at the end of December 2025, reflecting weaker market performance. However, investor participation increased, with shares outstanding rising from 17.425 million at the end of March to 20.24 million by May 8, 2026. Canary Capital maintains a sponsor fee of 0.34% and continues to offer direct spot XRP exposure through its ETF, which tracks the CME CF XRP Reference Rate New York Variant.