SEC filing shows $71,059 XRP ETF holding, not $71M

Brookstone Capital Management’s Form 13F, filed with the SEC on July 15 for the quarter ended June 30, lists 12,380 shares of Volatility Shares’ XRPI ETF under CUSIP 92864M780 with a reported dollar value of 71,059.

The filing uses the SEC’s current reporting convention, adopted for filings submitted on or after Jan. 3, 2023, which requires dollar values to be rounded to the nearest dollar. Some social media posts interpreted the entry using the pre-2023 convention that reported values in thousands, producing a $71,059,000 reading that is exactly 1,000 times larger than the figure in the filing.

A per-share calculation in the filing divides the reported $71,059 by 12,380 shares, implying a fair value of roughly $5.74 per XRPI share. Interpreting the same numeric entry as thousands would imply about $5,740 per share, a figure inconsistent with the ETF’s price patterns and structure.

Brookstone’s March 31 quarter filing, submitted April 16, reported the same CUSIP with 11,144 XRPI shares and a reported value of $84,469. The two filings show the adviser reporting 11.1% more XRPI shares at June 30 than at March 31 while the reported fair value fell 15.9% between the two quarter-end snapshots. The July 15 filing reflects holdings as of June 30 and does not report purchases on the filing date.

The security cited in the filing is Volatility Shares’ XRPI, a 1x XRP futures ETF that holds instruments including XRP futures rather than direct XRP tokens. Form 13F records securities over which a filer exercised investment discretion; the filing entry reports ETF shares and does not establish direct custody of or ownership of underlying cryptocurrency tokens.

The numeric difference between the two readings stems from the change in the Form 13F XML value field from reporting in thousands to reporting in whole dollars on Jan. 3, 2023. Verifying the reporting unit, checking the reported value against the share count, and comparing the CUSIP with prior-quarter filings are ways to confirm whether a 13F entry represents the reported dollar amount or an interpretation that multiplies the figure by 1,000.