GXRP 10-K & 10-Q changes, risk factors and insider trading

Financial Highlights for the Three and Six Months Ended MarchJune 31,30, 2026 and 2025 (All amounts in the following table and the subsequent paragraphs, except Share, XRP and price of XRP amounts, are in thousands)

Net realized and unrealized loss on investment in XRP for the three months ended MarchJune 31,30, 2026 was ($34,879$16,789), which includes a realized loss of ($10$29) on the transfer of XRP to pay the Sponsor’s Fee, a realized loss of ($33,728$433) on the sale of XRP to meet redemptions, and net change in unrealized appreciation/depreciation on investment in XRP of ($1,141$16,327). 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, to $1.04 per XRP as of June 30, 2026. Net decrease in net assets resulting from operations was ($34,902$16,846) for the three months ended MarchJune 31,30, 2026, which consisted of the net realized and unrealized loss on investment in XRP, plus the Sponsor’s Fee of $23.$57. Net assets decreased to $61,516$57,413 at MarchJune 31,30, 2026, a 72%7% decrease for the three-month period. The decrease in net assets resulted from the aforementioned XRP price depreciation, the withdrawal of approximately 16,15443,829 XRP to pay the foregoing Sponsor’s Fee, and the redemption of approximately 102,825,907581,493 XRP with a value of $180,081$699 from the Trust, partially offset by the contribution of approximately 26,385,8239,886,902 XRP with a value of $53,135$13,442 to the Trust in connection with Share creations during the period.

Net realized and unrealized lossgain on investment in XRP for the three months ended MarchJune 31,30, 2025 was ($336),$1,255, which includes a realized gain of $56$47 on the transfer of XRP to pay the Sponsor’s Fee and net change in unrealized appreciation/depreciation on investment in XRP of ($392).$1,208. Net realized and unrealized lossgain on investment in XRP for the period was driven by XRP price depreciationappreciation from $2.10 per XRP as of December 31, 2024, to $2.09 per XRP as of March 31, 2025, to $2.32 per XRP as of June 30, 2025. Net decreaseincrease in net assets resulting from operations was ($418)$1,179 for the three months ended MarchJune 31,30, 2025, which consisted of the net realized and unrealized lossgain on investment in XRP, plusless the Sponsor’s Fee of $82.$76. Net assets increased to $11,445$12,893 at MarchJune 31,30, 2025, a 10%13% increase for the three-month period. The increase in net assets resulted from the aforementioned XRP price appreciation and the contribution of approximately 531,754115,907 XRP with a value of $1,413$269 to the Trust in connection with Share creations during the period, partially offset by the aforementioned XRP price depreciation and the withdrawal of approximately 31,89834,315 XRP to pay the foregoing Sponsor’s Fee.

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 MarchJune 31,30, 2026 were Binance, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, GATE,Gate, Gemini, Hashkey,HashKey, Kraken, LMAX Digital, and OKX. The Digital Asset Trading Platforms included in the Index as of MarchJune 31,30, 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.

The following chart illustrates the movement in the Trust’s NAV per Share versus the Index Price and the Trust’s Principal Market NAV per Share from September 5, 2024 (the commencement of the Trust’s operations) to MarchJune 31,30, 2026. For more information on the determination of the Trust’s NAV, see “Item 1. Business—Overview of the XRP Industry and Market—XRP Value—The Index and the Index Price” in our Annual Report.

The following table illustrates the movements in the Index Price from September 5, 2024 (the commencement of the Trust’s operations) to MarchJune 31,30, 2026. The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms as of MarchJune 31,30, 2026, individually or as a group.

The following table illustrates the movements in the Digital Asset Market price of XRP, as reported on the Trust’s principal market, from September 5, 2024 (the commencement of the Trust’s operations) to MarchJune 31,30, 2026.

Effective as of November 24, 2025, the Trust established an ongoing share creation and redemption program and the Shares of the Trust were listed to NYSE Arca. The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca and the Trust’s NAV per Share from November 24, 2025 to MarchJune 31,30, 2026.

The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by NYSE Arca divided by the Trust’s NAV per Share from November 24, 2025 to MarchJune 31,30, 2026.