XRP exchange-traded funds appeared in institutional collateral arrangements and attracted fresh investor money on Sept. 8, offering two distinct signs of their expanding role in U.S. markets.
Summary
- SEC filing shows eight XRP ETF collateral line items valued near $11.39 million combined overall.
- XRP ETFs attracted nearly $2 million Tuesday while larger U.S. crypto ETF categories posted outflows.
- Five XRP products now hold $1.69 billion in cumulative inflows, according to SoSoValue data published.
- Schwab’s filing reports collateral received through repos, rather than direct XRP ETF investments by Schwab.
- JPMorgan Securities and BofA Securities supplied collateral pools containing shares from four XRP ETF issuers.
A Charles Schwab Family of Funds regulatory filing contained eight XRP ETF collateral line items valued at approximately $11.39 million. Separately, the five XRP products tracked by SoSoValue received nearly $2 million of net inflows during Tuesday’s trading session.
The collateral disclosure does not show Charles Schwab buying XRP ETFs or holding the underlying cryptocurrency. Instead, the shares secured repurchase agreements between Schwab Prime Advantage Money Fund and two Wall Street counterparties.
XRP ETF collateral totaled $11.39 million
The Schwab Prime Advantage Money Fund reported the collateral in a Form N-MFP3 filed with the U.S. Securities and Exchange Commission on Sept. 8. The report covers the fund’s portfolio as of Aug. 31.
A review of the filing’s underlying XML identifies eight XRP ETF entries from Bitwise, Canary Capital, Franklin Templeton and Grayscale. Their reported collateral values total approximately $11.39 million.
| Counterparty | XRP ETF | Shares | Collateral value |
| JPMorgan Securities | Grayscale XRP Trust ETF | 37,810 | $1,011,417.50 |
| JPMorgan Securities | Canary XRP ETF | 209,440 | $3,066,201.60 |
| JPMorgan Securities | Canary XRP ETF | 209,440 | $3,066,201.60 |
| JPMorgan Securities | Grayscale XRP Trust ETF | 2,014 | $53,874.50 |
| BofA Securities | Grayscale XRP Trust ETF | 20,591 | $550,809.25 |
| BofA Securities | Canary XRP ETF | 42,214 | $618,012.96 |
| BofA Securities | Franklin XRP ETF | 46,830 | $701,981.70 |
| BofA Securities | Bitwise XRP ETF | 150,450 | $2,316,930.00 |
The $11.39 million calculation reflects the aggregate value of all eight line items in the SEC filing. Two Canary entries carry identical share counts and values but belong to separate JPMorgan repurchase agreements. They are therefore reported line items, although the document alone does not establish whether they represent economically distinct blocks of shares.
An earlier estimate of approximately $4.8 million counted only three entries: $1.01 million in Grayscale shares, $3.07 million in Canary shares and $702,000 in Franklin shares. It excluded five XRP ETF collateral entries contained elsewhere in the same filing.
Schwab did not report buying XRP ETFs
The securities appeared as collateral for repurchase agreements, commonly known as repos. In a repo transaction, a money market fund provides short-term cash to a counterparty. The counterparty transfers securities as collateral and agrees to repurchase them under specified terms.
Form N-MFP3 requires money market funds to describe securities securing their repo investments. The SEC’s filing instructions expressly define the listed underlying securities as collateral.
JPMorgan Securities was the counterparty for XRP ETF entries valued at approximately $7.20 million. BofA Securities accounted for the remaining $4.19 million. The collateral pools also contained conventional equities, bonds, mortgage-backed instruments and numerous unrelated ETFs.
The disclosure therefore does not establish that Schwab selected XRP ETFs for investment exposure. It also does not show that Schwab pledged the shares or borrowed against them. The Schwab fund was the cash provider receiving collateral from the two securities dealers.
That distinction separates this filing from Form 13F disclosures, which report qualifying long positions held by institutional investment managers. As crypto.news previously explained, institutional crypto holdings reported on Form 13F represent ownership through listed securities rather than collateral received in repo transactions.
XRP ETFs drew nearly $2 million as rivals lost money
The collateral disclosure arrived as XRP ETFs posted the only meaningful positive flow among the main U.S. spot crypto ETF categories on Tuesday. The five products attracted nearly $2 million, according to SoSoValue.
Their cumulative net inflows reached approximately $1.69 billion. The products also collected about $173 million over the preceding 30 days, showing that Tuesday’s result formed part of a longer positive run rather than an isolated session.
The rest of the larger U.S. crypto ETF market moved in the opposite direction. Spot Bitcoin ETFs recorded approximately $46.65 million in combined net outflows on Sept. 8.
Grayscale’s GBTC led the withdrawals with roughly $65.51 million in redemptions. Positive flows into BlackRock’s IBIT, Bitwise’s BITB, Ark and 21Shares’ ARKB and Morgan Stanley’s MSBT partly offset that amount. Together, those four products added approximately $41 million.
The Bitcoin fund group still finished negative because GBTC’s redemptions exceeded the combined inflows and activity across the remaining products. The result ended a four-session run of positive Bitcoin ETF flows.
Collateral use and inflows show different developments
The two data points should not be combined into a single measure of institutional demand. ETF inflows track net creations and redemptions. Collateral disclosures identify securities pledged to support financial transactions.
The Schwab filing shows that XRP ETF shares were eligible to enter repo collateral pools assembled by major securities dealers. Tuesday’s inflow data separately shows investors added modest net capital to XRP products while Bitcoin and other major categories experienced withdrawals.
XRP ETF demand had already strengthened before the filing emerged. In related coverage, the products reached record trading volume as cumulative inflows crossed $1.57 billion in August. The latest SoSoValue total extends that figure to approximately $1.69 billion.
Other filings also show direct ownership by financial firms. Goldman Sachs disclosed $86.5 million across five XRP ETFs for the second quarter of 2026 after reporting no such exposure at the end of the previous quarter.
Future monthly N-MFP3 reports will show whether XRP ETFs remain in Schwab’s repo collateral pools after the disclosed agreements mature or roll over. Daily fund-flow reports will separately indicate whether investor demand continues after the recent $173 million monthly intake.
