Bitwise XRP ETF
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-08-12.
0001193125-26-346245
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-451776
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 51 previous paragraphs and 49 current paragraphs.
37 unchanged; 10 reworded; 2 added; 4 removed; 0 previous and 0 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 (2)
Current report
For the three and nine months ended September 30, 2026*^
Current report
Nine months ended September 30, 2026*
Removed paragraphs (4)
Previous report
The Trust’s registration statement on Form S-1 relating to its continuous public offering of Shares was declared effective by the U.S. Securities and Exchange Commission on November 19, 2025 and the Shares of the Trust were listed on the Exchange on November 20, 2025.
Previous report
Prior to the commencement of operations on November 19, 2025, on October 10, 2025, Bitwise Asset Management, Inc. ("BAM"), the parent company of the Sponsor, purchased 8 Shares at a per-share price of $25.00 for $200.00 in a transaction exempt from registration under Section 4(a)(2) of the 1933 Act (the "Seed Shares"). On November 19, 2025, BAM redeemed the entirety of its 8 Seed Shares for $200 and Bitwise Investment Manager, LLC (“BIM”), an affiliate of the Sponsor, purchased the initial 100,000 Shares of the Trust (the “Seed Baskets”) for $2,277,445, at a per-Share price of $22.77.
Previous report
For the three and six months ended June 30, 2026*^
Previous report
Six months ended June 30, 2026*
Reworded paragraphs (10)
Previous 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.
Current wording
During the three months ended September 30, 2026, the Trust's net assets increased from $299,146 on June 30, 2026 to $614,850 on September 30, 2026. The increase in the Trust's net assets resulted primarily from additions of 150,228,577.2385 XRP with a value of $206,059 in connection with Share creations during the period, partially offset by dispositions of (241,383.1525) XRP with a value of $(280) to pay the Sponsor Fee, and (23,684,659.5255) XRP for the redemptions of Shares, with a value of $(28,111) from the Trust.
Previous wording
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 wording
Net realized and change in unrealized gain on investment in XRP for the three months ended September 30, 2026 was $138,104, which included a realized gain of $30 on the transfer of XRP to pay the Sponsor Fee, a realized loss of $(22,883) on the sale of XRP to meet redemptions, and a change in unrealized appreciation on investment in XRP of $160,957. Net realized and change in unrealized gain on investment in XRP for the period resulted primarily from XRP price appreciation from $1.0412 on June 30, 2026 to $1.4912 on September 30, 2026. Net increase in net assets resulting from operations for the three months ended September 30, 2026 was $137,756, which consisted of the net realized and unrealized gain on investment in XRP, less the Sponsor Fee of $(348).
Previous wording
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.
Current wording
During the nine months ended September 30, 2026, the Trust's net assets increased from $241,369 on December 31, 2025 to $614,850 on September 30, 2026. The increase in the Trust's net assets resulted primarily from additions of 331,758,765.3431 XRP with a value of $475,913 in connection with Share creations during the period, partially offset by dispositions of (546,177.1883) XRP with a value of $(716) to pay the Sponsor Fee, and (49,294,807.7566) XRP for the redemptions of Shares, with a value of $(61,938) from the Trust.
Previous 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).
Current wording
Net realized and change in unrealized loss on investment in XRP for the nine months ended September 30, 2026 was $(38,015), which included a realized gain of $67 on the transfer of XRP to pay the Sponsor Fee, a realized loss of $(44,599) 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 appreciation on investment in XRP of $6,047. Net realized and change in unrealized loss on investment in XRP for the period resulted primarily from XRP price depreciation from $1.8177 on December 31, 2025 to $1.4912 on September 30, 2026. Net decrease in net assets resulting from operations for the nine months ended September 30, 2026 was $(38,857), which consisted of the net realized and unrealized loss on investment in XRP, less the Sponsor Fee of $(842).
Previous 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.
Current wording
As of September 30, 2026, the Trust held a net closing balance of 413,140,980.4731 XRP with a total market value of $616,063,436 based on the XRPUSD_NY price of $1.4912 used to determine the Trust's NAV. The total market value of the Trust's XRP held was $615,001,664 based on the price of XRP (Lukka Prime Rate) in the principal market (Coinbase) of $1.4886, used to determine the Trust's Principal Market NAV.
Previous wording
No material changes have occurred during the six months ended June 30, 2026.
Current wording
No material changes have occurred during the nine months ended September 30, 2026.
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 six months ended June 30, 2026, this sort was performed for Digital Asset Markets for the period mid-May through mid-June 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 three months ended September 30, 2026, this sort was performed for Digital Asset Markets for the period mid-August through mid-September 2026.
Previous wording
Third, Lukka, Inc. then reviews pricing fluctuations and the degree of variances in price on each Digital Asset Market during the 60 minutes prior to 4:00 pm. ET for XRP to identify any material notable variances that may impact the volume or price information of a particular Digital Asset Market.
Current wording
Third, Lukka, Inc. then reviews pricing fluctuations and the degree of variances in price on each Digital Asset Market during the 60 minutes prior to 4:00 pm. ET for XRP to identify any material variances that may impact the volume or price information of a particular Digital Asset Market.
Previous wording
As of June 30, 2026, Lukka, Inc. included Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Bybit, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, itBit, Kraken, KuCoin, LMAX, MEXC Global, OKX and Poloniex as its primary Exchange Markets in consideration.
Current wording
As of September 30, 2026, Lukka, Inc. included Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Bybit, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, Kraken, KuCoin, LMAX, MEXC Global, OKX and Poloniex as its primary Exchange Markets under consideration.
Previous 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.
Current wording
At September 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 September 30, 2026, was Coinbase with a price of $1.4886. This quoted price is an unadjusted price in an active market for identical XRP.