No recent news coverage impacting the business model or operations was available at the time of this report.

The Trust provides investors with a regulated and accessible vehicle to gain exposure to XRP, a major cryptocurrency. Its listing on a major exchange and transparent fee structure support investor confidence. The Sponsor's assumption of ordinary operating expenses beyond the Sponsor Fee may enhance operational stability. The Trust's valuation methodology and compliance policies aim to ensure fair pricing and mitigate conflicts of interest.

The Trust's value is highly sensitive to XRP price volatility, which experienced a significant decline during the initial period. The Trust's limited operating history and concentration risk in a single digital asset present challenges. Competition from other XRP or digital asset products may impact market acceptance and liquidity. Extraordinary expenses not assumed by the Sponsor could affect financial performance. Regulatory developments and market disruptions in the cryptocurrency space pose additional risks.

The Trust's moat is limited as it is a passively managed investment vehicle holding a single cryptocurrency, XRP. Its competitive position depends on regulatory approvals, market acceptance of XRP-based ETFs, and the Sponsor's ability to maintain operational efficiency and investor confidence. The Trust faces competition from other digital asset investment products and potential market volatility inherent in cryptocurrency assets.

• Price Volatility of XRP: The Trust's assets are concentrated in XRP, which has experienced extreme price volatility. Significant declines in XRP price adversely affect the Trust's net asset value and share price.
• Regulatory and Legal Risks: The Trust operates in a regulatory environment that may change, affecting the ability to offer XRP-based investment products. No current legal proceedings exist, but future regulatory actions could impact operations.
• Liquidity and Market Risks: The Trust relies on market liquidity for creation and redemption of shares. Limited liquidity or market disruptions could lead to premiums or discounts to NAV and affect investor confidence.
• Sponsor Conflicts of Interest: The Sponsor and affiliates may trade XRP and related derivatives for their own accounts, potentially creating conflicts of interest despite compliance policies.
• Extraordinary Expenses: Certain extraordinary, non-recurring expenses such as litigation or regulatory costs are not assumed by the Sponsor and could impact the Trust's financial condition.

• Bitwise XRP ETF is an exchange-traded fund (ETF) listed on NYSE Arca under the ticker XRP, commencing trading on November 20, 2025.
• The Trust invests substantially all proceeds from share offerings in XRP cryptocurrency consistent with its investment objective.
• As of December 31, 2025, the Trust held approximately 131.2 million XRP with a market value of about $239.8 million based on the principal market price.
• The Trust's net assets were approximately $241.4 million as of December 31, 2025, with 11.8 million shares outstanding.
• The Trust pays a Sponsor Fee of 0.34% per annum on XRP holdings, with the Sponsor waiving fees on the first $500 million of assets through December 19, 2025.
• The Sponsor Fee is the primary ordinary expense of the Trust; the Sponsor assumes other normal operating expenses including trustee fees, custodian fees, listing fees, audit fees, and legal fees up to $500,000 annually.
• The Trust does not hold significant cash balances except for creation/redemption activities or to pay expenses not assumed by the Sponsor; it may sell XRP to cover such expenses.
• The Trust's net investment loss for the period from November 19, 2025 to December 31, 2025 was approximately $25,000, with a net unrealized depreciation on XRP investments of about $25.9 million.
• The net asset value per share decreased by 10.14% during the initial period, driven primarily by XRP price depreciation from $2.03 to $1.82 per XRP.
• The Trust's financial statements are prepared in accordance with U.S. GAAP and the Trust is classified as an investment company for accounting purposes.
• The Trust's principal market for XRP valuation is determined by a third-party vendor based on volume and price stability among multiple digital asset exchanges.
• There are no current or pending legal proceedings against the Trust or Sponsor that could materially affect the business or financial condition.
• The Trust has no off-balance sheet financing arrangements or loan guarantees beyond normal business indemnifications.
• The Sponsor and its affiliates may trade XRP and related derivatives for their own accounts, subject to compliance policies to manage conflicts of interest.
• The Trust's shares are held by brokers and institutions on behalf of shareholders; the Trust cannot estimate the total number of individual shareholders.
• The Trust made no distributions to shareholders during the period ended December 31, 2025 and has no obligation to make periodic distributions.
• The Trust's registration statement was declared effective on November 19, 2025, and it registered an unlimited number of shares for continuous offering.
• The Trust's initial seed capital was purchased by Bitwise Asset Management, Inc. and affiliates prior to commencement of operations.
• The Trust's Sponsor has agreed to pay extraordinary expenses beyond normal operating costs, including certain legal fees and transaction fees, which are not assumed by the Sponsor.
• The Trust does not borrow to meet liquidity needs and relies on proceeds from share sales and XRP sales to meet cash requirements.