Bitwise XRP ETF
Bitwise XRP ETF is a U.S.-listed exchange-traded trust that holds XRP and issues shares designed to track the value of that digital asset. The trust is sponsored and managed by Bitwise Asset Management and trades on NYSE Arca under the ticker XRP.
Fiscal year 2025 · change from previous year
Development 2025–2025
Business
Share of revenueShares that give investors exposure to XRP price movements through a brokerage account.
Holding XRP and valuing it using benchmark and principal-market pricing methods.
Issuance and redemption mechanics used by authorized participants to manage share supply.
Customers
The trust is designed for investors who want XRP exposure without directly buying, storing, or transferring the token. Its shares are used by brokerage clients, asset allocators, and other market participants that prefer exchange-listed access and standard securities infrastructure. Authorized participants and liquidity providers also interact with the trust to create and redeem shares.
Buy listed shares for XRP exposure inside a standard brokerage account without direct token custody.
Use the ETF structure to add XRP exposure within portfolio and trading workflows.
Create and redeem shares in baskets to keep market price aligned with NAV.
Support secondary-market trading and arbitrage around the listed shares.
Strategy
The trust’s core strategy is to provide regulated, exchange-traded access to XRP through a traditional brokerage account. It relies on physical XRP holdings, benchmark-based NAV calculation, and a principal-market framework to keep share pricing tied to the underlying asset. The structure avoids derivatives and focuses on simple spot exposure, which is central to its product positioning.
The product depends on efficient arbitrage and reliable pricing to preserve investor confidence.
Avoiding derivatives reduces complexity and keeps the product focused on direct XRP exposure.
Exchange listing broadens the investor base beyond direct crypto-native users.
Geography
The trust is U.S.-based and its shares are listed on NYSE Arca in the United States. Its XRP pricing and valuation framework references U.S.-accessible digital asset markets, with Coinbase identified as the principal market in the cited period. Geography matters mainly through U.S. listing, U.S. brokerage access, and the set of exchange venues used for XRP price discovery.
Risks
The trust is exposed to XRP price volatility, which directly drives the value of its holdings and share price. It also depends on digital-asset market structure, benchmark integrity, and the availability of reliable exchange data for principal-market selection and valuation. As a single-asset product, it has concentrated exposure to one token, one pricing ecosystem, and the operational mechanics of creations and redemptions.
The trust holds XRP directly, so changes in token price flow straight into NAV and share value.
Exposure: Underlying asset value
NAV depends on benchmark rates and principal-market selection, which can change with market conditions.
Exposure: Fair value measurement
The product is tied to XRP only, so there is no diversification across assets or sectors.
Exposure: Single-asset trust
Liquidity, exchange access, and price stability across venues affect the trust’s reference pricing.
Exposure: Exchange market selection
Accounting
Judgemental itemsThe trust marks XRP to market using benchmark and principal-market prices, so valuation methodology directly affects reported results.
Impact: NAV, unrealized gains/losses, and balance sheet value
XRP received or delivered in connection with share creations and redemptions is recorded at valuation-date fair value.
Impact: Realized gains/losses and asset basis
The trust accrues a unitary sponsor fee based on XRP holdings, which reduces net assets and affects operating results.
Impact: Expense recognition and net asset value
U.S. GAAP investment-company accounting requires fair value reporting for the trust’s holdings.
Impact: Financial statement presentation and comparability
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Last updated: 11/08/2026