v3.26.1
Creations and Redemptions of Shares
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Creations and Redemptions of Shares

4. Creations and Redemptions of Shares

The Trust creates and redeems Shares from time to time, but only in one or more Baskets issued to the Authorized Participant in exchange for the delivery of XRP to the Trust or the distribution of XRP by the Trust. The amount of XRP required for each Creation Basket or Redemption Basket is determined by dividing (x) the amount of XRP owned by the Trust at 4:00 p.m., New York time, on such trade date of a creation or redemption order, after deducting the amount of XRP representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust, by (y) the number of Shares outstanding at such time and multiplying the quotient obtained by 10,000. Each Share represented approximately 19.3781 and 19.4013 XRP at June 30, 2026 and December 31, 2025, respectively. The decrease in the amount of XRP represented by each Share is primarily a result of the periodic withdrawal of XRP to pay the Sponsor’s Fee.

As of the date of this Quarterly Report, Authorized Participants may only submit orders to create or redeem Shares through transactions that are referred to as “cash orders”, as the agreements with Authorized Participants do not currently provide for in-kind creations and redemptions.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Activity in Number of Shares Issued and Redeemed:

 

 

 

 

 

 

 

 

Shares issued

 

 

510,000

 

 

 

5,900

 

 

 

1,870,000

 

 

 

32,800

 

Shares redeemed

 

 

(30,000

)

 

 

-

 

 

 

(5,330,000

)

 

 

-

 

Net Change in Number of Shares Issued and Redeemed

 

 

480,000

 

 

 

5,900

 

 

 

(3,460,000

)

 

 

32,800

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Amounts in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Activity in Value of Shares Issued and Redeemed:

 

 

 

 

 

 

 

 

Shares issued

 

$

13,442

 

 

$

269

 

 

$

66,577

 

 

$

1,682

 

Shares redeemed

 

 

(699

)

 

 

-

 

 

 

(180,780

)

 

 

-

 

Net Change in Value of Shares Issued and Redeemed

 

$

12,743

 

 

$

269

 

 

$

(114,203

)

 

$

1,682

 

XRP receivable represents the value of XRP covered by contractually binding orders for the creation of Shares where the XRP has not yet been transferred to the Trust’s account. Generally, ownership of the XRP is transferred within no more than two business days of the trade date.

 

 

As of June 30,

 

(Amounts in thousands)

 

2026

 

 

2025

 

XRP receivable

 

$

-

 

 

$

-

 

XRP payable represents the value of XRP covered by contractually binding orders for the redemption of Shares where the XRP has not yet been transferred out of the Trust’s account. Generally, ownership of the XRP is transferred within no more than two business days of the trade date.

 

 

As of June 30,

 

(Amounts in thousands)

 

2026

 

 

2025

 

XRP payable

 

$

-

 

 

$

-