XRP price volatility
The trust’s share value moves with XRP, so sharp token declines flow directly into NAV and market price.
- Scope
- All shareholders
- Materiality
- high
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.
| % | |
|---|---|
| Exchange-traded XRP exposure | 100% Listed trust shares intended to reflect the value of XRP held by the trust, net of expenses. |
| Creation and redemption activity | 0% Basket-based issuance and redemption mechanics used by authorized participants to add or remove XRP. |
The trust is bought by investors seeking regulated, exchange-traded exposure to XRP without directly holding the token...
- Public market investorsprimary
Buy listed shares for convenient, exchange-traded exposure to XRP price movements.
- Authorized participantsprimary
Create and redeem baskets in exchange for XRP, keeping share price aligned with NAV.
- Institutional and accredited investorsprimary
Use the trust as a regulated wrapper for XRP exposure and portfolio allocation.
- XRP Network users and financial institutionssecondary
Use XRP as a bridge asset for cross-currency transfers and liquidity management.
The trust is organized in Delaware and listed in the United States, with shares trading on NYSE Arca...
- •Delaware statutory trust organized in the United States
- •Shares trade on NYSE Arca in U.S. market hours
- •XRP pricing references global digital asset trading platforms
- •Custody and market liquidity depend on U.S. and offshore venues
- •No country revenue disclosure; exposure is asset-price driven, not geographic
The trust’s strategy is to provide a simple, listed vehicle that tracks XRP through passive holdings, basket...
01
Maintain tight tracking to XRP spot valueshort-term
Investors buy the trust for direct price exposure, so tracking error would weaken the product proposition.
02
Build trading liquidity and market accessshort-term
Higher liquidity reduces premiums/discounts and improves the trust’s usefulness to investors.
03
Preserve custody and network integritymedium-term
The trust’s value depends entirely on secure XRP custody and the continued functioning of the XRP Network.
The trust is exposed to XRP price volatility, which can directly and materially change share value...
Network security or cryptography failure
A protocol exploit or future cryptographic weakness could enable theft or reduce confidence in XRP.
- Scope
- Trust-held XRP and investor demand
- Materiality
- high
Fork or clone of the XRP Network
Sponsor discretion over which fork is treated as XRP could create disputes and valuation uncertainty.
- Scope
- Valuation, custody, and redemption mechanics
- Materiality
- medium
Secondary-market premium/discount to NAV
Trading hours and liquidity differences between NYSE Arca and digital asset markets can cause mispricing.
- Scope
- Market price of shares
- Materiality
- medium
Fair value measurement of XRP
Principal-market selection and 4:00 p.m. pricing can materially change reported results
Creation and redemption accounting
Affects balance sheet timing and period-end XRP holdings
Sponsor fee paid in XRP
Impacts realized results and reduces trust assets
Non-GAAP NAV versus U.S. GAAP Principal Market NAV
Investors should reconcile product NAV metrics to financial statements
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: 28/04/2026