Grayscale XRP Trust ETF
Grayscale XRP Trust ETF is a Delaware statutory trust that holds XRP, the digital asset used on the decentralized XRP Network, and issues exchange-traded shares designed to track the value of that XRP less expenses. It is a passive investment vehicle rather than an operating company: it does not develop the network, employ staff, or use leverage or derivatives to pursue its objective.
Fiscal year 2025 · change from previous year
Development 2025–2025
Business
Share of revenueListed trust shares intended to reflect the value of XRP held by the trust, net of expenses.
Basket-based issuance and redemption mechanics used by authorized participants to add or remove XRP.
Customers
The trust is bought by investors seeking regulated, exchange-traded exposure to XRP without directly holding the token. Its primary users are institutional and accredited investors, plus market participants trading the shares on NYSE Arca after listing. Authorized participants are operational counterparties that create and redeem baskets, while the underlying XRP ecosystem includes financial institutions and service providers that use the network for cross-currency transfers.
Buy listed shares for convenient, exchange-traded exposure to XRP price movements.
Create and redeem baskets in exchange for XRP, keeping share price aligned with NAV.
Use the trust as a regulated wrapper for XRP exposure and portfolio allocation.
Use XRP as a bridge asset for cross-currency transfers and liquidity management.
Strategy
The trust’s strategy is to provide a simple, listed vehicle that tracks XRP through passive holdings, basket creation/redemption, and fair-value NAV calculation. Its competitive position depends on maintaining tight linkage between share price and XRP value, adequate liquidity on NYSE Arca, and reliable custody and market-pricing infrastructure.
Investors buy the trust for direct price exposure, so tracking error would weaken the product proposition.
Higher liquidity reduces premiums/discounts and improves the trust’s usefulness to investors.
The trust’s value depends entirely on secure XRP custody and the continued functioning of the XRP Network.
Geography
The trust is organized in Delaware and listed in the United States, with shares trading on NYSE Arca. Its economic exposure is global because XRP is a decentralized digital asset traded on digital asset platforms worldwide, but the trust’s legal domicile, listing venue, and reporting base are U.S.-centric.
Risks
The trust is exposed to XRP price volatility, which can directly and materially change share value. It also depends on the security, governance, and continued acceptance of the XRP Network, while secondary-market trading can diverge from NAV when liquidity is thin or market hours are mismatched.
- XRP price volatilityImpact: HighLikelihood: Medium
The trust’s share value moves with XRP, so sharp token declines flow directly into NAV and market price.
Exposure: All shareholders
- Network security or cryptography failureImpact: HighLikelihood: Medium
A protocol exploit or future cryptographic weakness could enable theft or reduce confidence in XRP.
Exposure: Trust-held XRP and investor demand
- Fork or clone of the XRP NetworkImpact: MediumLikelihood: Medium
Sponsor discretion over which fork is treated as XRP could create disputes and valuation uncertainty.
Exposure - Secondary-market premium/discount to NAVImpact: MediumLikelihood: Medium
Trading hours and liquidity differences between NYSE Arca and digital asset markets can cause mispricing.
Exposure: Market price of shares
Accounting
Judgemental itemsThe trust marks XRP to market, so valuation methodology directly drives earnings and net assets.
Impact: Principal-market selection and 4:00 p.m. pricing can materially change reported results
Basket activity is recorded on trade date and can create receivables/payables before settlement.
Impact: Affects balance sheet timing and period-end XRP holdings
Fees settled in XRP create realized gains or losses depending on the carrying value of the transferred tokens.
Impact: Impacts realized results and reduces trust assets
The trust presents NAV using an index-based methodology that may differ from GAAP fair value.
Impact: Investors should reconcile product NAV metrics to financial statements
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Last updated: 24/09/2026