# Bitwise XRP ETF > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/en/companies/Bitwise XRP ETF). ## Overview 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. ## Products & services • Exchange-traded shares providing XRP exposure • Physical XRP holdings held by the trust • Creation and redemption of trust shares • NAV and principal-market pricing reference services - **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. - Exchange-traded shares providing XRP exposure - Physical XRP holdings held by the trust - Creation and redemption of trust shares - NAV and principal-market pricing reference services ## 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. - **Retail brokerage investors** (primary) — Buy listed shares for XRP exposure inside a standard brokerage account without direct token custody. - **Institutional allocators** (primary) — Use the ETF structure to add XRP exposure within portfolio and trading workflows. - **Authorized participants** (secondary) — Create and redeem shares in baskets to keep market price aligned with NAV. - **Liquidity providers** (secondary) — Support secondary-market trading and arbitrage around the listed shares. - Brokerage investors seeking XRP exposure through listed shares - Asset allocators using XRP in tactical or strategic portfolios - Authorized participants creating and redeeming trust baskets - Liquidity providers facilitating secondary-market trading - Investors avoiding direct custody and transfer of XRP ## 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. - 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 ## 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. - **Maintain tight linkage between share price and XRP value** (short-term) — The product depends on efficient arbitrage and reliable pricing to preserve investor confidence. - **Preserve a simple spot-exposure structure** (medium-term) — Avoiding derivatives reduces complexity and keeps the product focused on direct XRP exposure. - **Expand access through brokerage channels** (medium-term) — Exchange listing broadens the investor base beyond direct crypto-native users. - Provide XRP exposure through a listed trust structure - Use physical XRP holdings rather than derivatives - Track NAV with benchmark and principal-market pricing - Support creation/redemption to keep shares aligned with XRP value - Offer access through standard brokerage infrastructure ## 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. - **XRP market volatility** [high] — The trust holds XRP directly, so changes in token price flow straight into NAV and share value. - **Pricing and valuation methodology risk** [high] — NAV depends on benchmark rates and principal-market selection, which can change with market conditions. - **Concentration in a single digital asset** [high] — The product is tied to XRP only, so there is no diversification across assets or sectors. - **Digital asset market structure risk** [medium] — Liquidity, exchange access, and price stability across venues affect the trust’s reference pricing. - XRP price swings directly affect trust asset value - Benchmark or principal-market changes can alter NAV calculations - Single-asset concentration creates asset-specific risk - Digital asset market fragmentation can affect pricing quality - Creation/redemption flows can create operational and liquidity pressure ## Accounting The trust’s most important accounting issue is fair value measurement of XRP, which is marked using benchmark and principal-market prices rather than historical cost. Small timing differences between creation/redemption activity, sponsor-fee transfers, and valuation dates can move reported gains and losses because the trust’s assets are remeasured daily. Sponsor fee accruals and XRP transfers for fees or redemptions also affect reported net assets and realized results. - **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 - Fair value accounting for XRP drives reported NAV and gains/losses - Benchmark and principal-market pricing affect daily valuation - Creation/redemption timing can change recorded cost basis - Sponsor fee accruals reduce net assets over time - XRP transfers for fees and redemptions create realized gains/losses --- *Last updated: 2026-08-11T04:46:23.972281+00:00*