Grayscale XRP Trust ETF

Previous wording

Financial Highlights for the Three Months Ended March 31, 2026 and 2025

Current wording

Financial Highlights for the Three and Six Months Ended June 30, 2026 and 2025

Previous wording

Net realized and unrealized loss on investment in XRP for the three months ended March 31, 2026 was ($34,879), which includes a realized loss of ($10) on the transfer of XRP to pay the Sponsor’s Fee, a realized loss of ($33,728) on the sale of XRP to meet redemptions, and net change in unrealized appreciation/depreciation on investment in XRP of ($1,141). Net realized and unrealized loss on investment in XRP for the period was driven by XRP price depreciation from $1.83 per XRP as of December 31, 2025, to $1.34 per XRP as of March 31, 2026. Net decrease in net assets resulting from operations was ($34,902) for the three months ended March 31, 2026, which consisted of the net realized and unrealized loss on investment in XRP, plus the Sponsor’s Fee of $23. Net assets decreased to $61,516 at March 31, 2026, a 72% decrease for the three-month period. The decrease in net assets resulted from the aforementioned XRP price depreciation, the withdrawal of approximately 16,154 XRP to pay the foregoing Sponsor’s Fee, and the redemption of approximately 102,825,907 XRP with a value of $180,081 from the Trust, partially offset by the contribution of approximately 26,385,823 XRP with a value of $53,135 to the Trust in connection with Share creations during the period.

Current wording

Net realized and unrealized loss on investment in XRP for the three months ended June 30, 2026 was ($16,789), which includes a realized loss of ($29) on the transfer of XRP to pay the Sponsor’s Fee, a realized loss of ($433) on the sale of XRP to meet redemptions, and net change in unrealized appreciation/depreciation on investment in XRP of ($16,327). Net realized and unrealized loss on investment in XRP for the period was driven by XRP price depreciation from $1.34 per XRP as of March 31, 2026, to $1.04 per XRP as of June 30, 2026. Net decrease in net assets resulting from operations was ($16,846) for the three months ended June 30, 2026, which consisted of the net realized and unrealized loss on investment in XRP, plus the Sponsor’s Fee of $57. Net assets decreased to $57,413 at June 30, 2026, a 7% decrease for the three-month period. The decrease in net assets resulted from the aforementioned XRP price depreciation, the withdrawal of approximately 43,829 XRP to pay the foregoing Sponsor’s Fee, and the redemption of approximately 581,493 XRP with a value of $699 from the Trust, partially offset by the contribution of approximately 9,886,902 XRP with a value of $13,442 to the Trust in connection with Share creations during the period.

Previous wording

Net realized and unrealized loss on investment in XRP for the three months ended March 31, 2025 was ($336), which includes a realized gain of $56 on the transfer of XRP to pay the Sponsor’s Fee and net change in unrealized appreciation/depreciation on investment in XRP of ($392). Net realized and unrealized loss on investment in XRP for the period was driven by XRP price depreciation from $2.10 per XRP as of December 31, 2024, to $2.09 per XRP as of March 31, 2025. Net decrease in net assets resulting from operations was ($418) for the three months ended March 31, 2025, which consisted of the net realized and unrealized loss on investment in XRP, plus the Sponsor’s Fee of $82. Net assets increased to $11,445 at March 31, 2025, a 10% increase for the three-month period. The increase in net assets resulted from the contribution of approximately 531,754 XRP with a value of $1,413 to the Trust in connection with Share creations during the period, partially offset by the aforementioned XRP price depreciation and the withdrawal of approximately 31,898 XRP to pay the foregoing Sponsor’s Fee.

Current wording

Net realized and unrealized gain on investment in XRP for the three months ended June 30, 2025 was $1,255, which includes a realized gain of $47 on the transfer of XRP to pay the Sponsor’s Fee and net change in unrealized appreciation/depreciation on investment in XRP of $1,208. Net realized and unrealized gain on investment in XRP for the period was driven by XRP price appreciation from $2.09 per XRP as of March 31, 2025, to $2.32 per XRP as of June 30, 2025. Net increase in net assets resulting from operations was $1,179 for the three months ended June 30, 2025, which consisted of the net realized and unrealized gain on investment in XRP, less the Sponsor’s Fee of $76. Net assets increased to $12,893 at June 30, 2025, a 13% increase for the three-month period. The increase in net assets resulted from the aforementioned XRP price appreciation and the contribution of approximately 115,907 XRP with a value of $269 to the Trust in connection with Share creations during the period, partially offset by the withdrawal of approximately 34,315 XRP to pay the foregoing Sponsor’s Fee.

Previous wording

The Trust’s NAV and NAV per Share are derived from the Index Price, as represented by the Index as of 4:00 p.m., New York time, on the valuation date. The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms. The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of March 31, 2026 were Binance, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, GATE, Gemini, Hashkey, Kraken, LMAX Digital, and OKX. The Digital Asset Trading Platforms included in the Index as of March 31, 2025 were Bitstamp by Robinhood, Coinbase, Crypto.com, Kraken and LMAX Digital. See “Item 1. Business—Overview of the XRP Industry and Market—XRP Value—The Index and the Index Price” in our Annual Report for a description of the Index and the Index Price.

Current wording

The Trust’s NAV and NAV per Share are derived from the Index Price, as represented by the Index as of 4:00 p.m., New York time, on the valuation date. The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms. The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of June 30, 2026 were Binance, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, Gate, Gemini, HashKey, Kraken, LMAX Digital, and OKX. The Digital Asset Trading Platforms included in the Index as of June 30, 2025 were Bitstamp by Robinhood, Crypto.com, Kraken and LMAX Digital. See “Item 1. Business—Overview of the XRP Industry and Market—XRP Value—The Index and the Index Price” in our Annual Report for a description of the Index and the Index Price.