XRP 10-K & 10-Q changes, risk factors and insider trading
Bitwise XRP ETF · NYSE · Commodity Contracts Brokers & Dealers · CIK 2039525 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Comparison not available: Not available: fewer than two 10-K filings on EDGAR to compare (only one so far)..
What changed in the latest 10-Q
Risk Factors
As a smaller reporting company, the Trust is not required to provide the information required by this item.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
Largest changes
“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. …”see in full comparison
“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). …”see in full comparison
“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.”see in full comparison
“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.”see in full comparison
Net realized and change in unrealized loss on investment in XRP for the three months endedsee in full comparisonMarchJune31,30, 2026 was $(91,46684,653), which included a realized gain of$7$30 on the transfer of XRP to pay the Sponsor Fee, a realized loss of $(7,95413,762) 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 $(83,98970,921). 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 to $1.04 on June 30, 2026. Net decrease in net assets resulting from operations for the three months endedMarchJune31,30, 2026 was $(91,69884,915), which consisted of the net realized and unrealized loss on investment in XRP, less the Sponsor Fee of $(232262).
During the three months endedsee in full comparisonMarchJune31,30, 2026, the Trust's net assets increased from$241,369 on December 31, 2025 to$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 approximately76,214,395105,315,793 XRP with a value of$131,938$137,916 in connection with Share creations during the period, partially offset by dispositions of approximately (113,045191,749) XRP to pay the Sponsor Fee, and approximately (12,419,77213,190,376) XRP for the redemptions of Shares, with a value of $(18,30415,959) from the Trust.
Full comparison: every changed paragraph (16)
For the three and six months ended MarchJune 31,30, 2026*^
Three months ended June 30, 2026*
During the three months ended MarchJune 31,30, 2026, the Trust's net assets increased from $241,369 on December 31, 2025 to $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 76,214,395105,315,793 XRP with a value of $131,938$137,916 in connection with Share creations during the period, partially offset by dispositions of approximately (113,045191,749) XRP to pay the Sponsor Fee, and approximately (12,419,77213,190,376) XRP for the redemptions of Shares, with a value of $(18,30415,959) from the Trust.
Net realized and change in unrealized loss on investment in XRP for the three months ended MarchJune 31,30, 2026 was $(91,46684,653), which included a realized gain of $7$30 on the transfer of XRP to pay the Sponsor Fee, a realized loss of $(7,95413,762) 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 $(83,98970,921). 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 to $1.04 on June 30, 2026. Net decrease in net assets resulting from operations for the three months ended MarchJune 31,30, 2026 was $(91,69884,915), which consisted of the net realized and unrealized loss on investment in XRP, less the Sponsor Fee of $(232262).
Six months ended June 30, 2026*
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.
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).
As of MarchJune 31,30, 2026, the Trust held a net closing balance of 194,904,778.0246286,838,445.9126 XRP with a total market value of $261,531$298,653,321 based on the CME CF XRP-Dollar Reference Rate - New York Variant ("XRPUSD_NY") price of $1.34$1.04 used to determine the Trust's NAV. The total market value of the Trust's XRP held was $261,933$299,229,867 based on the price of XRP (Lukka Prime Rate) in the principal market (Coinbase) of $1.34,$1.04, used to determine the Trust's Principal Market NAV.
As of MarchJune 31,30, 2026, the Trust has not used, nor does it expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and has no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Trust. While the Trust’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Trust’s financial position.
No material changes have occurred during the six months ended June 30, 2026.
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.
Cash
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.
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 periodsix months ended MarchJune 31,30, 2026, this sort was performed for Digital Asset Markets for the period mid-Februarymid-May through mid-Marchmid-June 2026.
As of MarchJune 31,30, 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.
At MarchJune 31,30, 2026, the principal market and the principal market price for XRP, which is composed of the majority of the Trust’s assets as of MarchJune 31,30, 2026, was Coinbase with a price of $1.34.$1.04.
XRP insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
No Form 4 stock transactions in this period.
Well-known investors holding XRP (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Millennium Management (Israel Englander) | 2026-06-30 | 495,856 | $5.8M | 0.0% | No change |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 23,764 | $357.2K | — | Sold out |