Grayscale XRP Trust ETF

What they do

The Trust is a Delaware Statutory Trust formed August 5, 2024, whose only purpose is to hold XRP, the digital asset transmitted through the peer-to-peer XRP Network. It issues Shares in blocks of 10,000 (Baskets) to Authorized Participants in exchange for XRP and redeems Shares by distributing XRP or proceeds. Grayscale Investments Sponsors, LLC is sole Sponsor since May 3, 2025; Coinbase Custody Trust Company, LLC holds the private key shards in cold storage, and The Bank of New York Mellon serves as transfer agent and administrator. At December 31, 2025 the Trust held roughly 0.20% of circulating XRP and each Share represented about 19.4013 XRP.

Revenue drivers

• XRP price exposure — The Trust's returns come entirely from changes in the value of the XRP it holds, measured by the Index Price; it does not use leverage, derivatives or similar arrangements.
• Share creation and redemption — Baskets of 10,000 Shares are created in exchange for XRP deposits and redeemed for XRP or proceeds, which changes the Trust's XRP holdings and outstanding Shares.
• Sponsor's fee — Expenses, including the Sponsor's Fee, are paid from the Trust, sometimes in XRP, and reduce NAV and NAV per Share; the fee paid in XRP is a realized transaction for accounting purposes.
• Listing venue — Shares trade on NYSE Arca under ticker GXRP, which the Sponsor presents as a cost-efficient, market-traded alternative to directly buying and storing XRP.

Recent performance

For 2025 the Trust reported net income of negative $37.9 million and operating cash flow of negative $248.1 million, per the annual figures. At June 30, 2026, total assets were $57.4 million, total liabilities were $0.00 and shareholder equity was $57.4 million. The Trust began trading on NYSE Arca on November 24, 2025, after NYSE Arca certified approval under the Generic Listing Standards on November 21, 2025 and the Form S-1 registration statement became effective. Before that uplisting, Shares had been issued since inception on a periodic basis to accredited investors in exchange for XRP deposits. As of December 31, 2025, each Share represented approximately 19.4013 XRP.

Strategy

The Trust is a passive vehicle whose stated objective is for the value of the Shares, based on XRP per Share, to reflect the value of the Trust's XRP less expenses and liabilities. Management does not seek returns beyond tracking the Index Price and will not use leverage or derivatives. Following the November 2025 approval under NYSE Arca's Generic Listing Standards and effectiveness of the Form S-1, the Sponsor authorized an ongoing redemption program and the Trust now issues Shares continuously under the registration statement. The Sponsor and Custodian handle logistics of accepting, transferring and safekeeping XRP, with keys held in cold storage and vaults distributed geographically. The Sponsor may dissolve the Trust in its sole discretion, including if it determines XRP is a security under federal securities laws.

Risks

• XRP price volatility — The Trust's NAV and Share value depend directly on the price of XRP, which can be highly volatile and is not diversified across assets.
• Regulatory classification — If the Sponsor or a federal court determines XRP is a security, the Sponsor does not intend to let the Trust hold XRP in a way that violates federal securities laws and could dissolve the Trust or seek to operate it under the Investment Company Act.
• Custody and key shards — The Trust's XRP depend on Coinbase Custody Trust Company, LLC's cold-storage safekeeping of private key shards, exposing it to counterparty and operational risk with the Custodian.
• Limited influence and concentration — The Trust holds roughly 0.20% of circulating XRP, gives token holders no governance rights, and ownership of XRP confers no rights over the decentralized XRP Network.

Outlook

Management describes the Trust as a passive tracker and gives no forecast beyond its objective of reflecting the value of the XRP held, less expenses and liabilities. The Trust issues Shares only upon receipt of XRP and redeems Shares by distributing XRP or proceeds, and continues to operate an ongoing redemption program under its Form S-1 registration statement. The 10-K notes the Sponsor may dissolve the Trust for reasons including a determination that XRP is a security. No forward guidance figures are provided in the excerpts.