Grayscale XRP Trust ETF 10-K

Item 5. Market for Registrant’s Common Equity, Related Stock holder Matters and Issuer Purchases of Equity Securities Market Information The Shares commenced trading on NYSE Arca on November 24, 2025 under the ticker symbol “GXRP.” Holders of Record As of December 31, 2025, there were approximately 45 DTC participating shareholders of record of the Trust. Because most of the Trust’s Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders. Dividends The Trust made no distributions to shareholders during the period from September 5, 2024 (the commencement of the Trust’s operations) to December 31, 2025. The Trust has no obligation to make periodic distributions to shareholders Recent Sales of Unregistered Shares Prior to the Uplisting Date, the Registrant had distributed 310,100 Shares at varying prices determined by reference to the NAV per Share to selected “accredited investors,” within the meaning of Rule 501 of Regulation D under the Securities Act. The Shares were sold in connection with an ongoing offering pursuant to Rule 506(c) of Regulation D under the Securities Act. In exchange for these sales, the Trust received an aggregate of 6,171,543.570808 XRP. Because Shares have been, and continue to be, created and issued on a periodic basis, a “distribution,” as such term is used in the Securities Act, may be occurring from time to time. As a result, an Authorized Participant facilitating the creation of Shares and acting as a distributor and marketer during any such period may be deemed an “underwriter” under Section 2(a)(11) of the Securities Act. No underwriting discounts or commissions were paid to an Authorized Participant with respect to such sales. Purchases of Equity Securities Although the Trust does not purchase Shares directly from its shareholders, in connection with its redemption of Baskets from Authorized Participants during the three months ended December 31, 2025, the Trust redeemed the following Shares: Period Total Number of Shares of GXRP Redeemed Average Price Paid per Share of GXRP (1) October 1, 2025 - October 31, 2025 - $ - November 1, 2025 - November 30, 2025 - - December 1, 2025 - December 31, 2025 - - Total - $ - (1) The Price Paid per Share is based on the NAV per Share, which is derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date. The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms. Item 6. [ R e served] 82