| Fair Value of XRP |
3. Fair Value of XRP XRP is held by the Custodian on behalf of the Trust and is carried at fair value. As of June 30, 2026 and December 31, 2025, the Trust held 55,035,728.016985 and 122,230,386.260970 XRP, respectively. The Trust determined the fair value per XRP to be $1.04 and $1.83 on June 30, 2026 and December 31, 2025, respectively, using the price provided at 4:00 p.m., New York time, by the Digital Asset Trading Platform Market considered to be the Trust’s principal market (Coinbase). The following represents the changes in quantity of XRP and the respective fair value:
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except XRP amounts) |
|
Quantity |
|
|
Fair Value |
|
Balance at December 31, 2024 |
|
|
4,976,071.513885 |
|
|
$ |
10,450 |
|
XRP contributed |
|
|
647,661.688550 |
|
|
|
1,682 |
|
XRP distributed for Sponsor’s Fee, related party |
|
|
(66,212.854824 |
) |
|
|
(158 |
) |
Net change in unrealized appreciation/depreciation on investment in XRP |
|
|
- |
|
|
|
816 |
|
Net realized gain on investment in XRP sold to pay expenses |
|
|
- |
|
|
|
103 |
|
Balance at June 30, 2025 |
|
|
5,557,520.347611 |
|
|
$ |
12,893 |
|
|
|
|
|
|
|
|
(Amounts in thousands, except XRP amounts) |
|
Quantity |
|
|
Fair Value |
|
Balance at December 31, 2025 |
|
|
122,230,386.260970 |
|
|
$ |
223,364 |
|
XRP contributed |
|
|
36,272,724.963349 |
|
|
|
66,577 |
|
XRP redeemed |
|
|
(103,407,400.712419 |
) |
|
|
(180,780 |
) |
XRP distributed for Sponsor’s Fee, related party |
|
|
(59,982.494915 |
) |
|
|
(80 |
) |
Net change in unrealized appreciation/depreciation on investment in XRP |
|
|
- |
|
|
|
(17,468 |
) |
Net realized loss on investment in XRP sold to pay expenses |
|
|
- |
|
|
|
(39 |
) |
Net realized loss on investment in XRP sold for redemption of Shares |
|
|
- |
|
|
|
(34,161 |
) |
Balance at June 30, 2026 |
|
|
55,035,728.016985 |
|
|
$ |
57,413 |
|
|