21Shares XRP ETF
For the period ended Sep 30, 2026. Filed Nov 10, 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 10, 2026
TOXR$10.31-3.2%Stored close · as of Nov 10, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-11.
0001213900-26-087823
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-10.
0001213900-26-118028
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 37 previous paragraphs and 37 current paragraphs.
22 unchanged; 5 reworded; 10 added; 9 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 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 (10)
Current report
The Trust’s Principal Market NAV increased from $112,916,689 on June 30, 2026, to $159,727,044 on September 30, 2026, a 41.46% increase. The increase in the Trust’s Principal Market NAV resulted primarily from a 42.72% increase in the price of XRP, which rose from $1.0431 on June 30, 2026, to $1.4887 on September 30, 2026. The increase in the Trust’s Principal Market NAV was partially offset by a net decrease in outstanding Shares, which fell from 11,110,000 on June 30, 2026, to 11,020,000 on September 30, 2026, a result of 210,000 Shares (21 Baskets) being created and 300,000 Shares (30 Baskets) redeemed during the quarter.
Current report
Net increase in net assets resulting from operations for the three months ended September 30, 2026 was $47,798,397, resulting from a net change in unrealized appreciation on investment in XRP of $50,264,247, partially offset by a net realized loss of $(2,290,959) from XRP sold for cash redemptions, a net realized loss of $(56,249) from XRP sold to pay the Sponsor Fee, a net realized loss of $(16,696) on in-kind liabilities paid, a net change in unrealized loss on Sponsor Fee payable of $(1,060), and a net investment loss of $(100,886). Other than the Sponsor Fee of $100,886, the Trust had no other expenses during the quarter.
Current report
For the Three Months Ended on September 30, 2025
Current report
The Trust’s Principal Market NAV increased from $225,184,821 on June 30, 2025 to $279,895,631 on September 30, 2025. The increase in the Trust’s Principal Market NAV resulted primarily from an increase in the price of XRP of 25.08% (from $2.2816 per XRP on June 30, 2025 to $2.8539 per XRP on September 30, 2025).
Current report
The Trust’s net increase in net assets resulting from operations for the three months ended September 30, 2025 was $54,710,810. This was the result of a change in unrealized appreciation on investment in XRP of $56,103,429, a net realized gain of $533,848 on the sale of XRP for purposes of distributing the Sponsor Fee to the Sponsor, and net change in unrealized loss on Sponsor Fee payable of $97,267. The Sponsor Fee of $1,829,200 was the Trust’s only expense during the quarter.
Current report
For the Nine Months Ended September 30, 2026
Current report
For the Nine Months Ended on September 30, 2025
Current report
The Trust’s Principal Market NAV increased from $209,352,190 on December 31, 2024 to $279,895,631 on September 30, 2025. The increase in the Trust’s Principal Market NAV resulted primarily from an increase in the price of XRP of 36.22% (from $2.0951 per XRP on December 31, 2024 to $2.8539 per XRP on September 30, 2025).
Current report
The Trust’s net increase in net assets resulting from operations for the nine months ended September 30, 2025 was $70,543,441. This was the result of a change in unrealized appreciation on investment in XRP of $74,667,302, a net realized gain of $677,164 on the sale of XRP for purposes of distributing the Sponsor Fee to the Sponsor, and a net change in unrealized loss on Sponsor Fee payable of $47,142. The Sponsor Fee of $4,753,883 was the Trust’s only expense during the period.
Current report
The Sponsor is not required to pay Additional Trust Expenses, including certain extraordinary or non-recurring expenses described in Note 4 to the financial statements. The Trust will be responsible for such expenses to the extent incurred and not voluntarily assumed by the Sponsor. As described in Note 4, the Sponsor may, in its sole discretion, redesignate all or a portion of a Sponsor-paid Expense as an Additional Trust Expense, including if the Sponsor determines that the expense is extraordinary and non-recurring. The Sponsor Fee is payable in XRP, and the Sponsor directs a Custodian to transfer XRP to the Sponsor to satisfy the accrued fee. The Trust may sell XRP as needed to pay other expenses for which it is responsible.
Removed paragraphs (9)
Previous report
The Trust’s NAV decreased from $142,148,631 on March 31, 2026 to $112,916,689 on June 30, 2026, a 20.56% decrease. The decrease resulted primarily from a 22.37% decrease in the price of XRP, which fell from $1.3436 on March 31, 2026 to $1.0431 on June 30, 2026, partially offset by a net increase in Shares outstanding from 10,850,000 on March 31, 2026 to 11,110,000 on June 30, 2026, reflecting 480,000 Shares (48 Baskets) created and 220,000 Shares (22 Baskets) redeemed during the quarter.
Previous report
The Trust’s NAV increased from $209,384,354 on March 31, 2025 to $225,184,821 on June 30, 2025, a 7.55% increase. The increase resulted primarily from an 8.22% increase in the price of XRP, which rose from $2.1084 on March 31, 2025 to $2.2818 on June 30, 2025, partially offset by the Sponsor Fee, which was charged at an annual rate of 2.50% of the Trust’s NAV during the period. No Shares were created or redeemed during the three months ended June 30, 2025, and the Shares were not listed on the Exchange during that period.
Previous report
Net increase in net assets resulting from operations for the three months ended June 30, 2025 was $15,800,467, consisting of a net change in unrealized appreciation on investment in XRP of $17,188,651 and a net realized gain of $11,825 on XRP sold to pay the Sponsor Fee, partially offset by a net investment loss of $(1,366,006) and a net change in unrealized depreciation on the Sponsor Fee payable of $(34,003). Except for the Sponsor Fee of $1,366,006, the Trust incurred no other expenses during the three months ended June 30, 2025.
Previous report
For the Six Months Ended June 30, 2026
Previous report
Net decrease in net assets resulting from operations for the six months ended June 30, 2026 was $(85,241,051), consisting of a net change in unrealized depreciation on investment in XRP of $(71,524,810), a net realized loss of $(13,360,842) on XRP sold for redemptions, a net realized loss of $(127,552) on XRP sold to pay the Sponsor Fee, and a net investment loss of $(247,761), partially offset by a net realized gain of $19,495 on in-kind liabilities paid and a net change in unrealized appreciation on the Sponsor Fee payable of $419. Except for the Sponsor Fee of $247,761, the Trust incurred no other expenses during the six months ended June 30, 2026.
Previous report
For the Six Months Ended June 30, 2025
Previous report
The Trust’s NAV increased from $209,352,190 on December 31, 2024 to $225,184,821 on June 30, 2025, a 7.56% increase. The increase in the Trust’s NAV resulted primarily from an 8.91% increase in the price of XRP, which rose from $2.0951 on December 31, 2024 to $2.2818 on June 30, 2025, partially offset by the Sponsor Fee, which was charged at an annual rate of 2.50% of the Trust’s NAV during the period. No Shares were created or redeemed during the six months ended June 30, 2025, and the Shares were not listed on the Exchange during that period.
Previous report
Net increase in net assets resulting from operations for the six months ended June 30, 2025 was $15,832,631, consisting of a net change in unrealized appreciation on investment in XRP of $18,563,873, a net realized gain of $143,316 on XRP sold to pay the Sponsor Fee, and a net change in unrealized appreciation on the Sponsor Fee payable of $50,126, partially offset by a net investment loss of $(2,924,684). Except for the Sponsor Fee of $2,924,684, the Trust incurred no other expenses during the six months ended June 30, 2025.
Previous report
The Sponsor is not required to pay any extraordinary or non-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Trust. The Trust will be responsible for the payment of such expenses to the extent any such expenses are incurred. Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses. The Trust will sell XRP on an as-needed basis to pay the Sponsor Fee.
Reworded paragraphs (5)
Previous wording
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Current wording
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Previous wording
The Trust’s investment objective is to seek to track the performance of XRP, as measured by the performance of the Pricing Benchmark, adjusted for the Trust’s expenses and other liabilities. CF Benchmarks Ltd. is the Pricing Benchmark Provider. The Pricing Benchmark is designed to reflect the performance of XRP in U.S. dollars. In seeking to achieve its investment objective, the Trust holds XRP at its Custodians and the Administrator values the Shares daily based on the Pricing Benchmark. The Trust is a passive investment vehicle and is not a leveraged product. The Sponsor does not actively manage the XRP held by the Trust. On June 30, 2026, the Sponsor provided notice to the Pricing Benchmark Provider of the termination, effective August 31, 2026, of the licensing agreement between the Sponsor and the Pricing Benchmark Provider relating to the use of the Pricing Benchmark. The Sponsor intends to enter into a licensing agreement with FTSE on or about August 24, 2026, whereby FTSE will provide each of the Sponsor, the Trust, and their affiliates a non-exclusive, non-transferable, non-sub-licensable, worldwide license to access, view and use FTSE index data to develop, create, calculate, settle, maintain or support and market the Trust. Accordingly, the change in pricing benchmark provider is not expected to have a material impact on the Trust's net asset value, the fair value measurement of the Trust's XRP, or the Trust's results of operations, and does not represent a change in accounting principle. The change will be applied prospectively from the date the successor benchmark becomes effective.
Current wording
The Trust’s investment objective is to seek to track the performance of XRP, as measured by the performance of the Pricing Benchmark, as adjusted for the Trust’s expenses and other liabilities. The Pricing Benchmark is calculated by the Pricing Benchmark Provider based on the volume weighted average price across qualifying XRP markets. The Pricing Benchmark is designed to track the performance of XRP in U.S. dollars. In seeking to achieve its investment objective, the Trust holds XRP and values its Shares daily based on the Pricing Benchmark. The Sponsor does not actively manage the XRP held by the Trust. Prior to August 27, 2026, the Trust used the Prior Pricing Benchmark. On August 20, 2026, the Sponsor entered into a licensing agreement between the Sponsor and the Pricing Benchmark Provider relating to the use of the Pricing Benchmark and on August 27, 2026, the Trust began valuing its Shares and calculating its net asset value by reference to the Pricing Benchmark. Accordingly, the change in pricing benchmark provider had no material impact on the Trust’s net asset value, the fair value measurement of the Trust’s XRP, or the Trust’s results of operations, and does not represent a change in accounting principle. The change was applied prospectively from the date the successor benchmark became effective.
Previous wording
The Trust pays the unitary Sponsor Fee of 0.30% of the Trust’s NAV. Prior to December 11, 2025, the Sponsor Fee was 2.50%. The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement. The Sponsor Fee accrues daily and is payable in XRP weekly in arrears. The Administrator calculates the Sponsor Fee on a daily basis by applying an annualized rate to the Trust’s NAV, and the amount of XRP payable in respect of each daily accrual is determined by reference to the Pricing Benchmark. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee.
Current wording
The Trust pays the unitary Sponsor Fee of 0.30% of the Trust’s NAV. Prior to December 11, 2025, the Sponsor Fee was 2.50%. The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement. The Sponsor Fee accrues daily and is payable in XRP at least quarterly in arrears. The Administrator calculates the Sponsor Fee on a daily basis by applying an annualized rate to the Trust’s NAV, and the amount of XRP payable in respect of each daily accrual is determined by reference to the Pricing Benchmark. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee.
Previous wording
The Trust’s NAV decreased from $247,658,271 on December 31, 2025 to $112,916,689 on June 30, 2026, a 54.41% decrease. The decrease resulted primarily from a 42.91% decrease in the price of XRP, which fell from $1.8272 on December 31, 2025 to $1.0431 on June 30, 2026. The decline was further amplified by a net decrease in Shares outstanding, which fell from 13,890,000 on December 31, 2025 to 11,110,000 on June 30, 2026, reflecting 1,470,000 Shares (147 Baskets) created and 4,250,000 Shares (425 Baskets) redeemed during the period.
Current wording
The Trust’s Principal Market NAV decreased from $247,658,271 on December 31, 2025 to $159,727,044 on September 30, 2026, a 35.51% decrease. The decrease in the Trust’s Principal Market NAV resulted primarily from an 18.53% decrease in the price of XRP, which fell from $1.8272 on December 31, 2025 to $1.4887 on September 30, 2026. The decrease in the Trust’s Principal Market NAV was further amplified by a net decrease in outstanding Shares, which fell from 13,890,000 on December 31, 2025 to 11,020,000 on September 30, 2026, a result of 1,680,000 Shares (168 Baskets) being created and 4,550,000 Shares (455 Baskets) being redeemed during the period.
Previous wording
Net decrease in net assets resulting from operations for the three months ended June 30, 2026 was $32,933,923, consisting of a net change in unrealized depreciation on investment in XRP of $(31,090,401), a net realized loss of $(1,676,933) on XRP sold for redemptions, a net realized loss of $(64,395) on XRP sold to pay the Sponsor Fee, a net investment loss of $(104,899), and a net change in unrealized depreciation on the Sponsor Fee payable of $(318), partially offset by a net realized gain of $3,023 on in-kind liabilities paid. Except for the Sponsor Fee of $104,899, the Trust incurred no other expenses during the three months ended June 30, 2026.
Current wording
Net decrease in net assets resulting from operations for the nine months ended September 30, 2026 was $(37,442,654), resulting from a net change in unrealized depreciation on investment in XRP of $(21,260,563), a net realized loss of $(15,651,801) from XRP sold for cash redemptions, a net realized loss of $(183,801) from XRP sold to pay the Sponsor Fee, a net change in unrealized loss on Sponsor Fee payable of $(641), and a net investment loss of $(348,647), partially offset by a net realized gain of $2,799 on in-kind liabilities paid. Other than the Sponsor Fee of $348,647, the Trust had no other expenses during the period.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
For the Three Months Ended June 30, 2025