No recent news coverage impacting the business model or operations of Bitwise XRP ETF was available.

The Trust offers investors a regulated and transparent vehicle to gain exposure to XRP cryptocurrency through an exchange-traded fund format. The Sponsor's fee structure and expense assumptions may provide cost advantages. The Trust's adherence to U.S. GAAP and use of principal market pricing support reliable valuation. The ETF structure facilitates liquidity and accessibility for investors interested in digital assets.

The Trust's performance and net asset value are directly impacted by the volatility of XRP cryptocurrency prices, which can lead to significant unrealized losses as observed in the initial operating period. The Trust does not hold significant cash reserves and does not borrow, which may limit flexibility in managing liquidity. Extraordinary expenses not assumed by the Sponsor could increase costs. Regulatory or market developments affecting XRP or cryptocurrency ETFs could pose risks to operations and investor interest.

The Trust's moat derives from its structure as an ETF providing regulated, exchange-traded access to XRP cryptocurrency, which may appeal to investors seeking exposure to digital assets within a traditional investment vehicle. The Sponsor's assumption of ordinary operating expenses and fee waivers on initial assets may enhance cost efficiency. The use of third-party pricing vendors and adherence to U.S. GAAP accounting standards contribute to transparency and investor confidence. However, the Trust's reliance on the underlying XRP market price exposes it to cryptocurrency market volatility.

• Cryptocurrency Price Volatility: The Trust's net asset value and investment results are highly sensitive to fluctuations in XRP market prices, which have shown significant depreciation during the initial operating period.
• Liquidity Constraints: The Trust does not maintain significant cash balances and does not borrow, relying on proceeds from share sales and XRP transactions to meet expenses and redemptions.
• Regulatory and Legal Risks: Although no material legal proceedings are currently known, changes in regulatory frameworks or enforcement actions related to cryptocurrency or ETFs could impact the Trust's operations.
• Extraordinary Expenses: The Sponsor assumes ordinary operating expenses but not extraordinary or non-recurring costs, which could increase the Trust's expenses and affect net assets.

• Bitwise XRP ETF is a trust that commenced operations on November 19, 2025, and its shares began trading on NYSE Arca under the ticker XRP 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 fair market value of about $239,758,000 based on principal market prices.
• The Trust's net assets were approximately $241,369,000 as of December 31, 2025, with 11.8 million shares outstanding and a principal market NAV per share of $20.46.
• The Trust pays a unitary 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 assumes and pays normal operating expenses of the Trust, including trustee fees, custodian fees, exchange listing fees, audit fees, and legal fees up to $500,000 per annum.
• The Trust does not hold significant cash balances except for creation/redemption activities and expense payments; it does not borrow to meet liquidity needs.
• The Trust's financial statements are prepared in accordance with U.S. GAAP and ASC Topic 946 for investment companies, using fair value accounting for XRP.
• The Trust uses a third-party vendor to obtain principal market prices for XRP, which are considered Level 1 inputs under ASC Topic 820.
• The Trust's net investment loss for the period from November 19, 2025 to December 31, 2025 was approximately $25,937,000, primarily due to unrealized depreciation in XRP prices.
• The Trust's Sponsor Fee for the same period was approximately $25,000 after waivers.
• There are no known material legal proceedings or regulatory trading suspensions affecting the Trust or Sponsor.
• 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's registration statement was declared effective on November 19, 2025, allowing continuous public offering of shares.
• The Trust does not engage in off-balance sheet financing arrangements or loan guarantees beyond normal business indemnifications.
• Liquidity ratios and cash balances are not disclosed or are immaterial as of the latest period ending September 30, 2026.
• Financial figures are summarized from the latest available SEC filings and are provided for informational purposes only — not financial advice.