v3.26.1
Fair Value of XRP
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of XRP

3. Fair Value of XRP

As of June 30, 2026, the Trust held a net closing balance of 286,838,445.9126 XRP with a total market value of $298,653,321 based on the CME CF XRP-Dollar Reference Rate - New York Variant ("XRPUSD_NY") price of $1.04 used to determine the Trust's NAV. The total market value of the Trust's XRP held was $299,229,867 based on the price of XRP (Lukka Prime Rate) in the principal market (Coinbase) of $1.04, used to determine the Trust's Principal Market NAV.

The following represents the changes in quantity of XRP and the respective fair value for the six-month period ended June 30, 2026:

 

 

 

Quantity of XRP

 

 

Fair Value
(amounts in thousands)

 

Beginning balance as of December 31, 2025

 

 

131,223,200.0749

 

 

$

239,758

 

Purchases

 

 

129,072,021.7552

 

 

 

191,130

 

In-Kind Creations

 

 

52,458,166.3494

 

 

 

78,724

 

Sales for the redemption of Shares

 

 

(22,925,086.3295

)

 

 

(30,179

)

In-Kind Redemptions

 

 

(2,685,061.9016

)

 

 

(3,648

)

XRP transferred for Sponsor Fee

 

 

(304,794.0358

)

 

 

(436

)

Net realized gain (loss) from investment in XRP transferred to pay Sponsor Fee

 

 

—

 

 

 

37

 

Net realized gain (loss) from In-Kind Redemptions of XRP

 

 

—

 

 

 

470

 

Net realized gain (loss) from investment in XRP sold for redemptions

 

 

—

 

 

 

(21,716

)

Change in unrealized appreciation (depreciation) from investment in XRP

 

 

—

 

 

 

(154,910

)

Ending balance as of June 30, 2026

 

 

286,838,445.9126

 

 

$

299,230

 

Additions during the year primarily represent XRP purchased due to creations into the Trust and in-kind creations. Dispositions during the year represent XRP sold as a result of shareholder redemptions from the Trust. In addition, XRP was transferred to pay the Sponsor Fee of the Trust. For the six months ended June 30, 2026, the Trust recognized net realized losses of $21,208,743, which represents the net of cumulative realized gains of $509,578 and cumulative realized losses of 21,718,321.

As of December 31, 2025, the Trust held a net closing balance of 131,223,200.0749 XRP with a total market value of $238,530 based on the XRPUSD_NY price of $1.82 used to determine the Trust's NAV. The total market value of the Trust's XRP held was $239,758 based on the price of XRP (Lukka Prime Rate) in the principal market (Coinbase) of $1.83, used to determine the Trust's Principal Market NAV.

The following represents the changes in quantity of XRP and the respective fair value for the period from November 19, 2025 (commencement of operations) through December 31, 2025:

 

 

 

Quantity of XRP

 

 

Fair Value
(amounts in thousands)

 

Beginning balance as of November 19, 2025 (commencement of operations)

 

0.0000

 

 

$

—

 

Purchases

 

 

72,553,177.4122

 

 

 

148,288

 

In-Kind Creations

 

 

58,670,022.6627

 

 

 

117,382

 

Change in unrealized appreciation (depreciation) from investment in XRP

 

 

—

 

 

 

(25,912

)

Ending balance as of December 31, 2025

 

 

131,223,200.0749

 

 

$

239,758