XRP market volatility
The trust holds XRP directly, so changes in token price flow straight into NAV and share value.
- Scope
- Underlying asset value
- Materiality
- high
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.
| % | |
|---|---|
| Exchange-traded XRP exposure | 100% Shares that give investors exposure to XRP price movements through a brokerage account. |
| Trust asset custody and valuation | 0% Holding XRP and valuing it using benchmark and principal-market pricing methods. |
| Share creation and redemption | 0% Issuance and redemption mechanics used by authorized participants to manage share supply. |
The trust is designed for investors who want XRP exposure without directly buying, storing, or transferring the token...
- Retail brokerage investorsprimary
Buy listed shares for XRP exposure inside a standard brokerage account without direct token custody.
- Institutional allocatorsprimary
Use the ETF structure to add XRP exposure within portfolio and trading workflows.
- Authorized participantssecondary
Create and redeem shares in baskets to keep market price aligned with NAV.
- Liquidity providerssecondary
Support secondary-market trading and arbitrage around the listed shares.
The trust is U.S.-based and its shares are listed on NYSE Arca in the United States. Its XRP pricing and valuation...
- •United States listing on NYSE Arca under ticker XRP
- •U.S.-based sponsor and trust structure
- •XRP price discovery uses U.S.-accessible digital asset markets
- •Coinbase was the principal market in the cited reporting period
- •Benchmark pricing is calculated at 4:00 p.m. ET
The trust’s core strategy is to provide regulated, exchange-traded access to XRP through a traditional brokerage...
01
Maintain tight linkage between share price and XRP valueshort-term
The product depends on efficient arbitrage and reliable pricing to preserve investor confidence.
02
Preserve a simple spot-exposure structuremedium-term
Avoiding derivatives reduces complexity and keeps the product focused on direct XRP exposure.
03
Expand access through brokerage channelsmedium-term
Exchange listing broadens the investor base beyond direct crypto-native users.
The trust is exposed to XRP price volatility, which directly drives the value of its holdings and share price...
Pricing and valuation methodology risk
NAV depends on benchmark rates and principal-market selection, which can change with market conditions.
- Scope
- Fair value measurement
- Materiality
- high
Concentration in a single digital asset
The product is tied to XRP only, so there is no diversification across assets or sectors.
- Scope
- Single-asset trust
- Materiality
- high
Digital asset market structure risk
Liquidity, exchange access, and price stability across venues affect the trust’s reference pricing.
- Scope
- Exchange market selection
- Materiality
- medium
Fair value measurement of XRP
NAV, unrealized gains/losses, and balance sheet value
Creation and redemption accounting
Realized gains/losses and asset basis
Sponsor fee accrual
Expense recognition and net asset value
Investment company fair value presentation
Financial statement presentation and comparability
: 11/08/2026