SEC filing puts Brookstone's XRP ETF stake at $71,059, not $71M

Crypto investors tracking institutional XRP exposure got a misleading signal this week. A Brookstone Capital Management 13F filing showed 12,380 shares of Volatility Shares' XRP ETF, XRPI, with a reported fair value of $71,059 as of June 30. Posts on X turned that into a $71 million position by reading the filing with an outdated SEC reporting convention.

That error comes from a rule change. Since Jan. 3, 2023, Form 13F values are reported in dollars, rounded to the nearest dollar. Before that, filings used thousands. Applying the old format to Brookstone's filing inflates the value by 1,000 times.

A simple math check shows the $71 million claim does not fit. At the reported value, the position works out to about $5.74 per share. Under the outdated reading, the implied value would be about $5,740 per share.

The filing also does not show a new July purchase or direct XRP ownership. Brookstone already disclosed the same CUSIP, 92864M780, in its March 31 filing, when it reported 11,144 shares valued at $84,469. XRPI is a futures-based ETF, and Volatility Shares says the fund does not invest in XRP itself.