Investment manager Brookstone Capital Management reported 12,380 shares of Volatility Shares. $XRP At the end of the June 30th quarter, the ETF had a fair value of $71,059. But social media is spreading the story about the huge $71 million position.
Brookstone’s June 30 information sheet filed with the SEC lists volatility shares. $XRP ETF based on CUSIP 92864M780, 12,380 shares, reported value 71,059. Under the SEC’s current reporting rules, this means $71,059.
X posts combined the number of shares and the rounded “$71 million position”. Just over an hour later, some people repeated the $71 million interpretation. The numbers have been doing the rounds ever since.
Application unit will be changed in 2023
This $71 million figure is consistent with what the application’s value of 71,059 would mean under the pre-2023 repealed Thousand Units Agreement.
The SEC’s Form 13F guidance provides that filings filed after January 3, 2023 will report dollar values rounded to the nearest dollar. Prior to the reform, values were reported in thousands of dollars.
The agency specified technical changes in EDGAR release 22.4.1. value The field will change from thousand dollars to the nearest dollar on January 3, 2023.
This leaves two readings for the same entry.
- Current convention: 71,059 means $71,059.
- Superseded Terms: 71,059 means $71,059,000.
The old measurement is exactly 1,000 times the actual value in the application. In the X post, we rounded that old unit result to $71 million.
Dividing $71,059 by 12,380 gives a reported fair value of approximately $5.74 per share. Applying the old units, the same holding would be approximately $5,740 per share. This per share study shows why the $71 million number seems impossible.
Brookstone’s March 31 information sheet reported 11,144 shares valued at $84,469 under the same CUSIP. According to Analysis of SEC filings by CryptoSlateBrookstone filed its last quarterly report on April 16, 2026; June 30th report is July 15th, 2026.
Brookstone reported an 11.1% increase in XRPI stock at the end of June compared to the end of March, but a 15.9% decline in reported fair value. The two snapshots show that this security appeared in both Q1 and Q2 disclosures, so Brookstone had already disclosed the same security in its Q1 filing.
Dates are also important. The July 15 filing made clear the June 30 position. No new purchases were reported on July 15th and July 16th.
Security itself is another potential source of hyperbole. Volatility Shares’ official fund page identifies the product as XRPI, lists CUSIP 92864M780, and states that the fund uses products such as: $XRP futures. The fund also directly states that it does not invest in: $XRP itself. CryptoSlate covers the launch of XRPI as 1x $XRP May 2025 Futures ETF.
Accordingly, Brookstone’s 13F reports the XRPI shares for which the advisor has exercised investment discretion. There is no evidence that Brookstone purchased these shares for its own balance sheet, nor is Brookstone’s direct ownership or control reported. $XRP token.
4-step check on cryptocurrency 13F claims
As second-quarter institutional filings generate new cryptocurrency narratives, the same sequence may differentiate between true changes in exposure and repurposed or misread disclosures.
- Please check the reporting unit. Current Form 13F values are rounded to the nearest dollar, not thousands.
- Verify the value compared to the number of shares. Divide the reported value by the reported number of shares. If changing the assumed units changes the implied number by a factor of 1,000, check the declaration rules before re-claiming.
- Compare to last quarter. Match CUSIP to security name to determine if the same holding has appeared in previous disclosures.
- Determine what the claimant owned. Direct ownership of Fund shares, futures-linked exposure, and tokens is a separate claim.
In Brookston’s case, an outdated department turned a five-figure financial disclosure into an eight-figure false narrative. The current SEC rules, share count, last quarter table, and XRPI nature all point to the same number: $71,059.
