Bitwise XRP ETF
For the period ended Jun 30, 2026. Filed Aug 12, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 12, 2026
XRP$13.06-4.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001193125-26-214111
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-12.
0001193125-26-346245
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 43 previous paragraphs and 51 current paragraphs.
37 unchanged; 6 reworded; 6 added; 0 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
Three months ended June 30, 2026*
Current report
Six months ended June 30, 2026*
Current report
No material changes have occurred during the six months ended June 30, 2026.
Current report
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. Below is a summary of accounting policies on cash, investment valuation and investment company considerations. There were no material estimates involving a significant level of estimation uncertainty that had or are reasonably likely to have had a material impact on the Trust’s financial condition used in the preparation of the financial statements. In addition, please refer to Note 2 to the Financial Statements included in this report for further discussion of the Trust’s accounting policies.
Current report
Cash
Current report
Generally, the Trust does not intend to hold any cash. Cash includes non-interest-bearing unrestricted cash with one institution. Cash in a bank deposit account, at times, may exceed U.S. federally insured limits. The Trust has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits.
Reworded paragraphs (6)
Previous wording
For the three months ended March 31, 2026*^
Current wording
For the three and six months ended June 30, 2026*^
Previous wording
During the three months ended March 31, 2026, the Trust's net assets increased from $241,369 on December 31, 2025 to $261,855 on March 31, 2026. The increase in the Trust's net assets resulted primarily from additions of approximately 76,214,395 XRP with a value of $131,938 in connection with Share creations during the period, partially offset by dispositions of approximately (113,045) XRP to pay the Sponsor Fee, and approximately (12,419,772) XRP for the redemptions of Shares, with a value of $(18,304) from the Trust.
Current wording
During the three months ended June 30, 2026, the Trust's net assets increased from $261,855 on March 31, 2026 to $299,146 on June 30, 2026. The increase in the Trust's net assets resulted primarily from additions of approximately 105,315,793 XRP with a value of $137,916 in connection with Share creations during the period, partially offset by dispositions of approximately (191,749) XRP to pay the Sponsor Fee, and approximately (13,190,376) XRP for the redemptions of Shares, with a value of $(15,959) from the Trust.
Previous wording
Net realized and change in unrealized loss on investment in XRP for the three months ended March 31, 2026 was $(91,466), which included a realized gain of $7 on the transfer of XRP to pay the Sponsor Fee, a realized loss of $(7,954) on the sale of XRP to meet redemptions, a realized gain of $470 on the transfer of XRP for In-Kind Redemptions, and a change in unrealized depreciation on investment in XRP of $(83,989). Net realized and change in unrealized loss on investment in XRP for the period resulted primarily from XRP price depreciation from $1.82 on December 31, 2025 to $1.34 on March 31, 2026. Net decrease in net assets resulting from operations for the three months ended March 31, 2026 was $(91,698), which consisted of the net realized and unrealized loss on investment in XRP, less the Sponsor Fee of $(232).
Current wording
Net realized and change in unrealized loss on investment in XRP for the six months ended June 30, 2026 was $(176,119), which included a realized gain of $37 on the transfer of XRP to pay the Sponsor Fee, a realized loss of $(21,716) on the sale of XRP to meet redemptions, a realized gain of $470 on the transfer of XRP for In-Kind Redemptions, and a change in unrealized depreciation on investment in XRP of $(154,910). Net realized and change in unrealized loss on investment in XRP for the period resulted primarily from XRP price depreciation from $1.82 on December 31, 2025 to $1.04 on June 30, 2026. Net decrease in net assets resulting from operations for the six months ended June 30, 2026 was $(176,613), which consisted of the net realized and unrealized loss on investment in XRP, less the Sponsor Fee of $(494).
Previous wording
As of March 31, 2026, the Trust held a net closing balance of 194,904,778.0246 XRP with a total market value of $261,531 based on the CME CF XRP-Dollar Reference Rate - New York Variant ("XRPUSD_NY") price of $1.34 used to determine the Trust's NAV. The total market value of the Trust's XRP held was $261,933 based on the price of XRP (Lukka Prime Rate) in the principal market (Coinbase) of $1.34, used to determine the Trust's Principal Market NAV.
Current wording
As of June 30, 2026, the Trust held a net closing balance of 286,838,445.9126 XRP with a total market value of $298,653,321 based on the XRPUSD_NY price of $1.04 used to determine the Trust's NAV. The total market value of the Trust's XRP held was $299,229,867 based on the price of XRP (Lukka Prime Rate) in the principal market (Coinbase) of $1.04, used to determine the Trust's Principal Market NAV.
Previous wording
Second, Lukka, Inc. sorts these Digital Asset Markets from high to low by market-based volume and level of activity of XRP traded on each Digital Asset Market. For the period ended March 31, 2026, this sort was performed for Digital Asset Markets for the period mid-February through mid-March 2026.
Current wording
Second, Lukka, Inc. sorts these Digital Asset Markets from high to low by market-based volume and level of activity of XRP traded on each Digital Asset Market. For the six months ended June 30, 2026, this sort was performed for Digital Asset Markets for the period mid-May through mid-June 2026.
Previous wording
At March 31, 2026, the principal market and the principal market price for XRP, which is composed of the majority of the Trust’s assets as of March 31, 2026, was Coinbase with a price of $1.34.
Current wording
At June 30, 2026, the principal market and the principal market price for XRP, which is composed of the majority of the Trust’s assets as of June 30, 2026, was Coinbase with a price of $1.04.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Net realized and change in unrealized loss on investment in XRP for the three months ended June 30, 2026 was $(84,653), which included a realized gain of $30 on the transfer of XRP to pay the Sponsor Fee, a realized loss of $(13,762) on the sale of XRP to meet redemptions, and a change in unrealized depreciation on investment in XRP of $(70,921). Net realized and change in unrealized loss on investment in XRP for the period resulted primarily from XRP price depreciation from $1.34 on March 31, 2026 to $1.04 on June 30, 2026. Net decrease in net assets resulting from operations for the three months ended June 30, 2026 was $(84,915), which consisted of the net realized and unrealized loss on investment in XRP, less the Sponsor Fee of $(262).
Current report — wording carried from elsewhere
During the six months ended June 30, 2026, the Trust's net assets increased from $241,369 on December 31, 2025 to $299,146 on June 30, 2026. The increase in the Trust's net assets resulted primarily from additions of approximately 181,530,188 XRP with a value of $269,854 in connection with Share creations during the period, partially offset by dispositions of approximately (304,794) XRP to pay the Sponsor Fee, and approximately (25,610,148) XRP for the redemptions of Shares, with a value of $(34,263) from the Trust.