Fair Value of XRP

3 Months Ended

Mar. 31, 2026

3. Fair Value of XRP

As of March 31, 2026, the Trust held a net closing balance of 194,904,778.0246 XRP with a total market value of $261,531 based on the CME CF XRP-Dollar Reference Rate - New York Variant ("XRPUSD_NY") price of $1.34 used to determine the Trust's NAV. The total market value of the Trust's XRP held was $261,933 based on the price of XRP (Lukka Prime Rate) in the principal market (Coinbase) of $1.34, 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 three-month period ended March 31, 2026:


	Quantity of XRP			Fair Value
Beginning balance as of December 31, 2025		131,223,200.0749		$	239,758
Purchases		54,726,143.5775			95,112
In-Kind Creations		21,488,251.6856			36,833
Sales for the redemption of Shares		(9,734,709.9410	)		(14,477	)
In-Kind Redemptions		(2,685,061.9016	)		(3,648	)
XRP transferred for Sponsor Fee		(113,045.4708	)		(179	)
Net realized gain (loss) on investment in XRP transferred to pay Sponsor Fee					7
Net realized gain (loss) on In-Kind Redemptions of XRP		—			470
Net realized gain (loss) on investment in XRP sold for redemptions		—			(7,954	)
Change in unrealized appreciation (depreciation) on investment in XRP		—			(83,989	)
Ending balance as of March 31, 2026		194,904,778.0246		$	261,933

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 three months ended March 31, 2026, the Trust recognized net realized losses of $7,478,655, which represents the net of cumulative realized gains of $479,385 and cumulative realized losses of 7,958,040.

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
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) on investment in XRP		—		(25,912	)
Ending balance as of December 31, 2025		131,223,200.0749	$	239,758

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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+ Details

Bitwise XRP ETF 10-Q