What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-13 compared with 2026-01-26 · 149 added, 120 removed, 141 unchanged (66% of the section changed)

1 unchanged sentence

21SHARES XRP ETF

OF ASSETS AND LIABILITIES

September 30,

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026

December 31, 2025

Investment in XRP, at fair value (cost $ 224,608,249 , and $ 289,712,269 , respectively) $ 142,155,110 $ 247,693,539

4 unchanged sentences

Net assets $ 142,148,631 $ 247,658,271

Net assets consists of:

Net assets consist of

Paid-in-capital $ 241,804,488 $ 295,007,000

1 unchanged sentence

$ 142,148,631 $ 247,658,271

Shares issued and outstanding, no par value, unlimited amount of authorized 10,000,000 10,000,000

Shares issued and outstanding, no par value, unlimited amount authorized 10,850,000 13,890,000

Net asset value per share $ 13.10 $ 17.83

The accompanying

notes are an integral part of the financial statements.

The accompanying notes are an integral part of the financial

21SHARES XRP ETF

SCHEDULES OF INVESTMENT

September 30, 2025 (Unaudited)

March 31, 2026 (Unaudited)

% of Net Assets

Investment in XRP 105,801,659.6185 $ 224,608,249 $ 142,155,110 100.00 %

Total investment in XRP $ 216,527,291 $ 280,028,593 100.05 %

Total investments 105,801,659.6185 $ 224,608,249 $ 142,155,110 100.00 %

Liabilities in excess of other assets ( 6,479 ) 0.00 %

1 unchanged sentence

December 31, 2025

% of Net Assets

Investment in XRP 135,559,073.5077 $ 289,712,269 $ 247,693,539 100.01 %

Total investment in XRP $ 220,676,000 $ 209,510,000 100.1 %

Total investments 135,559,073.5077 $ 289,712,269 $ 247,693,539 100.01 %

Liabilities in excess of other assets ( 35,268 ) ( 0.01 )%

Net assets $ 247,658,271 100.00 %

The accompanying notes are an integral part

of the financial statements.

The accompanying notes are an integral part of the financial statements.

21SHARES XRP ETF

STATEMENTS OF OPERATIONS

September 30,

March 31, 2026

March 31, 2025

Sponsor Fee $ 142,862 $ 1,558,678

Total expenses 142,862 1,558,678

Net investment loss ( 142,862 ) ( 1,558,678 )

Realized and change in unrealized gain (loss)

Net realized gain on investment in XRP sold to pay sponsor fee 533,848 677,164

Net realized gain on in-kind liabilities paid 16,471 –

Net realized gain (loss) on investment in XRP sold to pay Sponsor Fee ( 63,157 ) 131,491

Net realized loss on investment in XRP sold for redemptions ( 11,683,909 ) –

Net change in unrealized appreciation (depreciation) on investment in XRP ( 40,434,409 ) 1,375,222

Net change in unrealized appreciation (depreciation) on sponsor fee payable ( 97,267 ) ( 47,142 )

Net change in unrealized gain on Sponsor Fee payable 738 84,129

Net realized and change in unrealized gain (loss) ( 52,164,266 ) 1,590,842

Net increase in net assets resulting from operations $ 54,710,810 $ 70,543,441

* No comparative statement has been provided as the Trust did not have operations as of September 30, 2024.

Net increase (decrease) in net assets resulting from operations $ ( 52,307,128 ) $ 32,164

The accompanying notes are an integral part

of the financial statements.

21SHARES XRP ETF

STATEMENTS OF CHANGES IN NET ASSETS

September 30, 2025

March 31, 2026

March 31, 2025

Net assets, beginning of period $ 247,658,271 $ 209,352,190

Contributions for Shares issued 18,937,580 –

Distributions for Shares redeemed ( 72,140,092 ) –

Net investment loss ( 142,862 ) ( 1,558,678 )

Net realized gain on investment in XRP sold to pay sponsor fee 533,848 677,164

Net realized gain on in-kind liabilities paid 16,471 –

Net realized gain (loss) on investment in XRP sold to pay Sponsor Fee ( 63,157 ) 131,491

Net realized loss on investment in XRP sold for redemptions ( 11,683,909 ) –

Net change in unrealized appreciation (depreciation) on investment in XRP ( 40,434,409 ) 1,375,222

Net change in unrealized appreciation (depreciation) on sponsor fee payable ( 97,267 ) ( 47,142 )

Net change in unrealized gain on Sponsor Fee payable 738 84,129

Net assets, end of period $ 142,148,631 $ 209,384,354

2 unchanged sentences

Shares redeemed ( 4,030,000 ) –

Net increase in Shares issued and outstanding - -

* No comparative statement has been provided as the Trust did not have operations as of September 30, 2024.

Net increase (decrease) in Shares issued ( 3,040,000 ) –

The accompanying notes are an integral part

of the financial statements.

21Shares XRP ETF

to Financial Statements ( UNAUDITED)

The 21Shares XRP ETF (the “Trust”) is a Delaware statutory trust, formed on June 3, 2024 , pursuant to the Delaware Statutory Trust Act (“DSTA”).

On December 16, 2024, the Trust changed its name from 21Shares Core XRP Trust to 21Shares XRP Trust.

On August 22, 2025, the Trust changed its name from 21Shares XRP Trust to 21Shares XRP ETF.

The Trust operates pursuant to a Third Amended and Restated Trust Agreement (the “Trust Agreement”).

1 unchanged sentence

The Trust is managed and controlled by 21 Shares US LLC (the “Sponsor”).

The Sponsor is a limited liability company formed in the state of Delaware on June 16, 2021, and is a wholly owned subsidiary of Jura Pentium Inc.

In November 2025, 21co Holdings Limited, Jura Pentium Inc.’s former ultimate parent company, was acquired by FalconX Holdings Limited, which became the ultimate parent of Jura Pentium Inc.

and the Sponsor.

Coinbase Custody Trust Company, LLC (“Coinbase”), Anchorage Digital Bank N.A.

(“Anchorage”), and BitGo Bank & Trust N.A.

(“BitGo” and together with Coinbase and Anchorage, as the context may require, the “Custodian”, “Custodians” and each a “Custodian”) are the custodians for the Trust and hold all of the Trust’s XRP on the Trust’s behalf.

The Sponsor is a limited liability company formed in the state of Delaware on June 16, 2021, and is a wholly owned subsidiary of 21co Holdings Limited.

The ultimate parent company of 21co Holdings Limited is FalconX Holdings Limited (“FalconX”).

Coinbase Custody Trust Company, LLC (“Coinbase”), and BitGo Bank & Trust, N.A.

(“BitGo”), and Anchorage Digital Bank N.A (“Anchorage”, and, together with Coinbase and BitGo, as the context may require, the “XRP Custodians”, “Custodians”, and each a “XRP Custodian”) are the custodians for the Trust and hold all of the Trust’s XRP on the Trust’s behalf.

The transfer agent (the “Transfer Agent”), the administrator for the Trust (the “Administrator”), and the cash custodian (the “Cash Custodian”), is Bank of New York Mellon.

The Trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of XRP tokens (“XRP”).

Ripple Markets Inc., a corporation incorporated and existing under the laws of Delaware (the “Purchaser”) entered into a subscription agreement to purchase from the Trust, shares of beneficial interest (the “Shares”), representing fractional undivided beneficial interests in the net assets of the Trust, for an aggregate purchase price of 100,000,000 units of XRP.

The Trust is an exchange-traded fund that issues units of beneficial interest (the “Shares”) representing fractional undivided beneficial interests in its net assets that trade on the Cboe BZX Exchange, Inc.

Prior to the Shares being listed on the Exchange, NAV Consulting, Inc.

was the administrator of the Trust.

The Trust is an exchange-traded fund that issues common shares of beneficial interest (the “Shares”) representing fractional undivided beneficial interests in its net assets that trade on Cboe BZX Exchange, Inc.

(the “Exchange”).

4 unchanged sentences

The Pricing Benchmark is designed to reflect the performance of XRP in U.S.

In seeking to achieve its investment objective, the Trust will hold XRP at its Custodians and will value its Shares daily based on the Pricing Benchmark.

The Trust is an “emerging growth company” as that term is used in the Securities Act of 1933, as amended (the “Securities Act”), and, as such, the Trust may elect to comply with certain reduced public company reporting requirements.

The statement of assets and liabilities on September 30, 2025, has been prepared on behalf of the Trust and is unaudited.

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position and results of operations for the period ended September 30, 2025, have been made.

The fiscal year-end of the Trust is December 31.

In seeking to achieve its investment objective, the Trust holds XRP at its Custodians and values its Shares daily based on the Pricing Benchmark.

The Trust is an “emerging growth company” as that term is used in the Securities Act, and, as such, the Trust may elect to comply with certain reduced public company reporting requirements.

Ripple Markets Inc., a Delaware corporation, served as the “Seed Capital Investor” to the Trust.

On December 20, 2024, Ripple Markets Inc., in its capacity as Seed Capital Investor, subject to conditions, purchased 10,000,000 Shares at a per-Share price of $ 22.07 (the “Initial Seed Shares”).

Total proceeds to the Trust from the sale of the Initial Seed Shares were $ 220,676,000 .

Delivery of the Initial Seed Shares was made on December 20, 2024.

On December 10, 2025, the Sponsor, in its capacity as Initial Seed Creation Investor, purchased initial seed creation baskets comprising 20,000 Shares (the “Initial Seed Creation Baskets”) at a per share price of $ 20.33 .

In its capacity as the Initial Seed Creation Investor, the Sponsor has acted as a statutory underwriter in connection with this purchase.

Total proceeds to the Trust from the sale of the Initial Seed Creation Baskets were $ 406,658 .

On December 11, 2025, the Trust purchased XRP with the proceeds of the Initial Seed Creation Baskets by transacting with an XRP Counterparty to acquire XRP on behalf of the Trust in exchange for cash provided by the Sponsor in its capacity as Initial Seed Creation Investor.

All XRP acquired in connection with the Initial Seed Creation Baskets is held by one or more of the XRP Custodians.

The statements of assets and liabilities and schedules of investment on March 31, 2026, and the statements of operations, and changes in net assets for the three months ended March 31, 2026 and 2025, have been prepared on behalf of the Trust and are unaudited.

In addition, interim period results are not necessarily indicative of results for a full-year period.

The fiscal year-end of the Trust is December 31 st .

Significant Accounting Policies

1 unchanged sentence

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP” or “GAAP”).

The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

The Trust uses fair value as its method of accounting for XRP in accordance with its classification as an investment company for accounting purposes.

Accounting Estimates

The preparation of the financial statements in conformity with US GAAP requires the Trust to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

1 unchanged sentence

Should actual results differ from those previously recognized, the recorded estimates will be revised accordingly with the impact reflected in the operating results of the Trust in the reporting period in which they become known.

Cash includes non-interest bearing, non-restricted cash maintained with one financial institution that does exceed U.S.

Cash includes non-interest bearing, non-restricted cash maintained with one financial institution that does not exceed U.S.

federally insured limits.

17 unchanged sentences

Unobservable inputs, including the Trust’s assumptions used in determining the fair value of investments, where there is little or no market activity for the asset or liability at the measurement date.

The Trust’s assets recorded at fair value have been categorized based upon a fair value hierarchy as described in the Trust’s significant accounting policies in Note 2.

The following table presents information about the Trust’s assets measured at fair value as of September 30, 2025 (Unaudited) and December 31, 2024:

September 30, 2025 (Unaudited)

Level 1 Level 2 Level 3 Total

Assets (at fair value)

The following table presents information about the Trust’s assets measured at fair value as of March 31, 2026 (Unaudited) and December 31, 2025:

Amount at Fair Value Measurement Using

Fair Value Level 1 Level 2 Level 3

March 31, 2026 (Unaudited)

Investment in XRP $ 142,155,110 $ 142,155,110 $ – $ –

Amount at Fair Value Measurement Using

Fair Value Level 1 Level 2 Level 3

December 31, 2025

Level 1 Level 2 Level 3 Total

Assets (at fair value)

Investment in XRP $ 247,693,539 $ 247,693,539 $ – $ –

3 unchanged sentences

The Trust considers investment transactions to be the receipt of XRP for Share creations and the delivery of XRP for Share redemptions or for payment of expenses in XRP.

The Trust records its investments transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments.

The Trust records its investment transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments and the net change in unrealized appreciation or depreciation on Sponsor Fee payable.

Realized gains and losses are calculated using the specific identification method.

Realized gains and losses are recognized in connection with transactions including redemption of shares and settling obligations for the Sponsor’s fee in XRP.

Realized gains and losses are recognized in connection with transactions including redemption of shares and settling obligations for the Sponsor Fee and the in-kind liabilities paid in connection to the Sponsor Fee in XRP.

Calculation of NAV and NAV per Share

On each day other than when the Exchange is closed for regular trading (a “Business Day”), as soon as practicable after 4:00 p.m.

ET, the NAV of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the XRP and other assets held by the Trust.

The Trustee computes the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding on the date the computation is made.

ET, the NAV of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the XRP and other assets held by the Trust based on the Pricing Benchmark price.

The Administrator computes the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding on the date the computation is made.

Federal Income Taxes

1 unchanged sentence

federal income tax purposes.

Although not free from doubt due to the lack of directly governing authority, if the Trust operates as expected, the Trust should be classified as a “grantor trust” for U.S.

federal income tax purposes and the Trust itself should not be subject to U.S.

federal income tax.

Each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and a pro rata portion of the Trust’s income, gain, losses and deductions passed through to each beneficial owner of Shares.

Each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and will be treated as if it directly received a pro rata portion of the Trust’s income, gain, losses and deductions.

If the Trust sells XRP (for example, to pay fees or expenses), such a sale is a taxable event to shareholders of the Trust (“Shareholders”).

Upon a Shareholder’s sale of its Shares, the Shareholder will be treated as having sold the pro rata share of the XRP held in the Trust at the time of the sale and may recognize gain or loss on such sale.

The Sponsor has reviewed the tax positions as of September 30, 2025, and has determined that no provision for income tax is required in the Trust’s financial statements.

Upon a Shareholder’s sale of its Shares, the Shareholder will be treated as having sold the pro rata share of the XRP held in the Trust at the time of the sale and recognizes gain or loss on such sale.

The Sponsor has reviewed the tax positions as of March 31, 2026 and December 31, 2025, and has determined that no provision for income tax is required in the Trust’s financial statements.

Segment Reporting

1 unchanged sentence

The segment derives its revenues from Trust investments made in accordance with the defined investment strategy of the Trust, as prescribed in the Trust’s prospectus.

The Chief Operating Decision Maker (“CODM”) is the Sponsor.

The Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer of the Sponsor.

The CODM monitors the operating results of the Trust.

The financial information that the CODM leverages to assess the segment’s performance and to make decisions for the Trust’s single segment is consistent with the financial information that is presented within the Trust’s financial statements.

Segment assets are reflected on the accompanying Statement of Assets and Liabilities as Total assets and the only significant segment expense, the Sponsor fee, is included in the accompanying Statements of Operations.

Segment assets are reflected on the accompanying Statements of Assets and Liabilities as Total assets and the only significant segment expense, the Sponsor Fee, is included in the accompanying Statements of Operations.

Fair Value of XRP

The following represents the changes in quantity of XRP and the respective fair value for the three and nine months ended September 30, 2025 (Unaudited):

of XRP Fair Value

The following represents the changes in quantity and the fair value of XRP for the three months ended March 31, 2026 (Unaudited) and 2025 (Unaudited):

Quantity of XRP Fair Value

Beginning balance as of January 1, 2026 135,559,073.5077 $ 247,693,539

XRP sold ( 1,880,000 ) ( 4,825,873 )

Net realized gain on investment in XRP sold to pay sponsor fee - 677,164

Net change in unrealized appreciation (depreciation) on investment in XRP - 74,667,302

Ending balance as of September 30, 2025 98,120,000 $ 280,028,593

of XRP Fair Value

Beginning balance as of July 1, 2025 98,770,000 $ 225,359,558

XRP sold ( 650,000 ) ( 1,968,242 )

XRP purchased for contributions 9,658,968.8374 18,937,580

XRP sold for redemptions ( 39,313,882.7266 ) ( 72,140,092 )

XRP sold to pay expenses ( 102,500.0000 ) ( 155,180 )

Net realized loss on investment in XRP sold to pay Sponsor Fee – ( 63,157 )

Net realized loss on investment in XRP sold for redemptions – ( 11,683,909 )

Net change in unrealized depreciation on investment in XRP – ( 40,434,409 )

Net change in unrealized appreciation on Sponsor Fee payable 738

Ending balance as of March 31, 2026 105,801,659.6185 $ 142,155,110

Quantity of XRP Fair Value

Beginning balance as of January 1, 2025 100,000,000.0000 $ 209,510,000

XRP purchased for contributions - -

XRP sold for redemptions - -

XRP sold to pay expenses - -

Net realized gain on investment in XRP sold to pay Sponsor Fee – 131,491

Net realized loss on investment in XRP sold for redemptions - -

Net change in unrealized appreciation on investment in XRP – 1,375,222

Ending balance as of September 30, 2025 98,120,000 $ 280,028,593

Net change in unrealized appreciation on Sponsor Fee payable – 84,129

Ending balance as of March 31, 2025 100,000,000.0000 $ 211,100,842

Trust Expenses

The Trust pays the unitary Sponsor fee of 2.5 % of the Trust’s XRP holdings.

The Trust pays the unitary Sponsor fee of 0.30 % of the Trust’s NAV (the “Sponsor Fee”).

The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement.

Prior to December 11, 2025, the Sponsor Fee was 2.50 %.

The Sponsor Fee accrues daily and is payable in XRP weekly in arrears.

1 unchanged sentence

The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee.

Operating expenses assumed by the Sponsor include (i) the fee payable to the marketing agent for services it provides to the Trust (the “Marketing Fee”), (ii) fees to the Administrator, if any, (iii) fees to the Custodians, (iv) fees to the Transfer Agent, (v) fees to the Trustee, (vi) the fees and expenses related to any future listing, trading or quotation of the Shares on any listing exchange or quotation system (including legal, marketing and audit fees and expenses), (vii) ordinary course legal fees and expenses but not litigation-related expenses, (viii) audit fees, (ix) regulatory fees, including, if applicable, any fees relating to the registration of the Shares under the Securities Act or the Exchange Act, (x) printing and mailing costs, (xi) costs of maintaining the Sponsor’s website and (xii) applicable license fees (each, a “Sponsor-paid Expense,” and together, the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Additional Trust Expense will be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense.

The Trust incurred Sponsor Fee for the quarters ended March 31, 2026 and 2025 of $ 142,862 and $ 1,558,678 , respectively.

The accrued liability as of March 31, 2026 and December 31, 2025 was $ 6,479 and $ 35,268 , respectively.

As partial consideration for receipt of the Sponsor Fee, the Sponsor shall assume and pay all fees and other expenses incurred by the Trust in the ordinary course of its affairs, excluding taxes, but including (i) the fee payable to the marketing agent for services it provides to the Trust (the “Marketing Fee”), (ii) fees to the Administrator, if any, (iii) fees to the XRP Custodians, (iv) fees to the Transfer Agent, (v) fees to the Trustee, (vi) the fees and expenses related to any future listing, trading or quotation of the Shares on any listing exchange or quotation system (including legal, marketing and audit fees and expenses), (vii) ordinary course legal fees and expenses but not litigation-related expenses, (viii) audit fees, (ix) regulatory fees, including if applicable any fees relating to the registration of the Shares under the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), (x) printing and mailing costs;

(xi) costs of maintaining the Sponsor’s website and (xii) applicable license fees (each, a “Sponsor-paid Expense” and together, the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Additional Trust Expense will be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense.

There is currently no predetermined cap on the aggregate amount of Sponsor-paid expenses.

Should the Trust implement a predetermined cap on aggregate Sponsor-paid expenses, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Sponsor’s website.

The Sponsor will not, however, assume certain extraordinary, non-recurring expenses that are not Sponsor-paid Expenses, including, but not limited to, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of Shareholders, any indemnification of the Custodians, Administrator or other agents, service providers or counter-parties of the Trust, the fees and expenses related to the initial listing of Shares on the Exchange, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, “Additional Trust Expenses”).

The Sponsor will not, however, assume certain extraordinary, non-recurring expenses that are not Sponsor-paid Expenses, including, but not limited to, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of Shareholders, any indemnification of the Custodians, Administrator or other agents, service providers or counter-parties of the Trust, the fees and expenses related to the listing, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, “Additional Trust Expenses”).

Of the Sponsor-paid Expenses, ordinary course legal fees and expenses shall be subject to a cap of $ 100,000 per annum.

In the Sponsor’s sole discretion, all or any portion of a Sponsor-paid Expense may be re-designated as an Additional Trust Expense.

In the Sponsor’s sole discretion, all or any portion of a Sponsor-paid Expense may be re-designated as an Additional Trust Expense, if among other reasons, the Sponsor determines that a Sponsor-paid Expense is an extraordinary, non-recurring expense of the Trust.

The Trust shall not be responsible for paying any fees or expenses associated with the transfer of XRP as needed to pay the Sponsor Fee or Additional Trust Expenses.

To the extent that the Sponsor does not voluntarily assume expenses, they will be the responsibility of the Trust.

2 unchanged sentences

Creation and Redemption of Shares

The Trust creates and redeems Shares on a continuous basis but only in Creation Baskets consisting of 10,000 Shares or multiples thereof on the NAV of the date of the creation or redemption.

The Trust creates and redeems Shares on a continuous basis but only in one or more Creation Baskets (other than in the case of the Initial Seed Shares) consisting of 10,000 Shares or multiples thereof at the NAV on the date of the creation or redemption.

Only Authorized Participants, which are registered broker-dealers who have entered into written agreements with the Sponsor and the Administrator, can place orders.

The Trust engages in XRP transactions for converting cash into XRP (in association with purchase orders) and XRP into cash (in association with redemption orders).

The Trust conducts its XRP purchase and sale transactions by, in its sole discretion, choosing to trade directly with third parties (each, a “XRP Trading Counterparty”), who are not registered broker-dealers pursuant to written agreements between such XRP Trading Counterparties and the Trust, or choosing to trade through the Prime Broker acting in an agency capacity with third parties such as through its Coinbase Prime service pursuant to the Prime Broker Agreement.

A XRP Trading Counterparty may be an affiliate of an Authorized Participant.

Authorized Participants may deliver cash or XRP to create Shares and may (either directly, or through their designated agents) receive cash or XRP when redeeming Shares.

For the For the

three months nine months

September 30, September 30,

For a period ending two (2) years after December 20, 2024, (the “Lock-up Period”), Ripple Markets Inc., has agreed that it will not, without the prior written consent of the Sponsor, sell, transfer, assign, pledge, hypothecate or otherwise dispose of any of the Initial Seed Shares it holds, nor will Ripple Markets Inc.

seek to have the Trust or the Sponsor redeem the Initial Seed Shares during the Lock-up Period.

Irrespective of whether such two (2) year Lock-up Period has elapsed or not, once the Trust is first listed on a national securities exchange, the Initial Seed Shares shall remain locked-up for a further period of six (6) months from the date of listing.

Following expiration of the Lock-up Period, Ripple Markets Inc.

may, to the extent permitted by applicable laws, be permitted to redeem Shares in accordance with the Trust Agreement.

Authorized Participants may purchase Shares in cash by depositing cash in the Trust’s account with the Cash Custodian.

This will cause the Sponsor, on behalf of the Trust, to automatically instruct a designated third party, who may be an Authorized Participant or an affiliate of an Authorized Participant, and with whom the Sponsor has entered into an agreement on behalf of the Trust (each such third party, a “XRP Counterparty”), to (i) purchase the amount of XRP equivalent in value to the cash deposit amount associated with the order and (ii) deposit the resulting XRP amount in the Trust’s accounts with the Custodians, resulting in the Transfer Agent crediting the applicable amount of Shares to an Authorized Participant.

Authorized Participants may also purchase Shares in-kind.

To purchase Shares in-kind, an Authorized Participant delivers or arranges for the delivery by such Authorized Participant’s designee of, XRP to the Trust’s accounts with a XRP Custodian in exchange for Shares.

When such an Authorized Participant redeems its Shares in cash, the Sponsor, on behalf of the Trust will direct a XRP Custodian to transfer XRP to an XRP Counterparty, who will sell the XRP to be executed, in the Sponsor’s reasonable efforts, at the Pricing Benchmark price used to calculate the Trust’s NAV, taking into account any spread, commissions, or other trading costs and deposit the cash proceeds of such sale in the Trust’s account with the Cash Custodian for settlement with the Authorized Participant.

Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Sponsor.

Authorized Participants may also redeem Shares in-kind.

When such an Authorized Participant redeems Shares in-kind, the Trust, through a XRP Custodian, will deliver XRP to the Authorized Participant or its designee in exchange for Shares.

2026 Three Months

(Unaudited) (Unaudited)

Activity in capital transactions issued and redeemed

Activity in Capital Shares:

Shares issued 990,000 –

Shares redeemed ( 4,030,000 ) –

Net change in capital transactions issued and redeemed - -

For a period ending two (2) years (the “Lock-up Period”), the Purchaser has agreed that it shall not, without the prior written consent of the Sponsor, sell, transfer, assign, pledge, hypothecate or otherwise dispose of any of the Shares it holds, nor will the Purchaser seek to have the Trust or the Sponsor redeem the Shares during the Lock-up Period.

Irrespective of whether such two (2) year lock up period has elapsed or not, once the Trust is first listed on a national securities exchange, the shares shall remain locked-up for a further period of six (6) months from the date of listing.

Following expiration of the Lock-up Period, the Purchaser may, to the extent permitted by applicable laws, be permitted to redeem Shares in accordance with the Trust Agreement.

Net Change in Capital Shares ( 3,040,000 ) –

2026 Three Months

(Unaudited) (Unaudited)

Activity in Capital Transactions:

Contributions for shares issued $ 18,937,580 $ –

Distributions for shares redeemed ( 72,140,092 ) –

Net Change in Capital Transactions $ ( 53,202,512 ) $ –

XRP purchased payable represents the quantity of XRP purchased for the creation of Shares where the XRP has not yet settled.

Generally, XRP is transferred within two Business Days of the trade date.

As of September 30, 2025, the Trust held $ 0 of XRP in purchased payables.

2026 December 31,

XRP purchased payable $ – $ –

XRP sold receivable represents the quantity of XRP sold for the redemption of Shares where the XRP has not yet been settled.

Generally, XRP is transferred within two Business Days of the trade date.

As of September 30, 2025, the Trust held $ 0 of XRP in sold receivables.

2026 December 31,

XRP sold receivable $ – $ –

Related Parties

1 unchanged sentence

The Trust’s operations are supported by its Sponsor, who is in turn supported by its parent company and affiliated companies and external service providers.

As of March 31, 2026 and December 31, 2025, the Sponsor owned 20,000 Shares of the Trust.

The Sponsor arranged for the creation of the Trust and is responsible for the ongoing registration of the Shares for their public offering in the United States and the listing of Shares on the Exchange.

At September 30, 2025, the Sponsor did not own any Shares of the Trust.

Financial Highlights

Per Share Performance (for a Share outstanding throughout the periods presented) Three Months ended

2026 Three Months ended

(Unaudited) (Unaudited)

Net asset value per Share, beginning of period $ 17.83 $ 20.94

Net investment income (loss) on investment in XRP (1) ( 0.01 ) ( 0.16 )

Net realized and change in unrealized gain(loss) on investment in XRP (2) ( 4.72 ) 0.20

Net change in net assets from operations ( 4.73 ) 0.04

Net asset value per Share, end of period $ 13.10 $ 20.98

Total return, at net asset value (3) ( 26.53 )% 0.19 %

Ratio to average net assets (4)

Net investment income (loss) ( 0.30 )% ( 2.50 )%

Gross expenses 0.30 % 2.50 %

Net expenses 0.30 % 2.50 %

(1) Calculated using average Shares outstanding method.

(2) The amount shown for a Share outstanding throughout the period may not agree with the change in the aggregate gains and losses for such period because of the timing of sales and repurchases of the Trust’s Shares in relation to fluctuating market value for the Trust.

(3) Total return is calculated based on the change in the value during the period and is not annualized.

An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from the Trust.

(4) Annualized.

Commitments and Contingent Liabilities

16 unchanged sentences

provided that the indemnified party acted without willful misconduct, bad faith or gross negligence.

Financial Highlights

Financial highlights for the three and nine months ended September 30, 2025 (Unaudited) are as follows:

For the For the

three months nine months

September 30, September 30,

(Unaudited) (Unaudited)

Per Share operating performance

Net asset value per Share, beginning of period $ 22.52 $ 20.94

Net investment income (loss) (1) ( 0.18 ) ( 0.48 )

Net realized and change in unrealized appreciation (depreciation) on investment in XRP (2) 5.65 7.53

Net change in net assets from operations 5.47 7.05

Net asset value per Share, end of period $ 27.99 $ 27.99

Total return, at net asset value (3) 24.30 % 33.70 %

Ratios to average net assets (4) :

Expenses 2.52 % 2.50 %

Net investment income (loss) ( 2.52 )% ( 2.50 )%

(1) Calculated using average Shares outstanding.

(2) The amount shown for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust’s shares in relation to fluctuating market values for the Trust.

(3) Total return is calculated based on the change in value during the period and is not annualized.

An individual shareholder’s return and ratios may vary from the above total returns and ratios based on the timing of capital contributions to and withdrawals from the Trust.

(4) Annualized .

Per share operating performance and total return are calculated for each permanent, non-managing class or series of Shares.

Subsequent Events

In November 2025, 21co Holdings Limited, Jura Pentium Inc.’s former ultimate parent company, was acquired by FalconX Holdings Limited, which became the ultimate parent of Jura Pentium Inc.

and the Sponsor.

On December 10, 2025, the Sponsor, purchased 20,000 Shares.

The total proceeds to the Trust from the sale of the Seed Creation Baskets were $ 406,600 .

On December 11, 2025, the Trust changed its fund administration service provider to The Bank of New York Mellon Corporation (BNY).

Subsequent events have been evaluated through January 26, 2026, the date that the Trust’s financial statements were issued and has determined that there are no other material events that would require disclosure in the financial statements.

On April 17, 2026, the Initial Seed Creation Baskets, comprising of 20,000 shares, purchased by the Sponsor on December 10, 2025, were redeemed.

The Trust has evaluated all subsequent events and transactions for potential recognition or disclosure through the issuance of the financial statements and has noted no other events requiring adjustment or additional disclosure in the financial statements.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements