What changed in this filing

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Item 1. Financial Statements

2026-08-11 compared with 2026-05-13 · 79 added, 51 removed, 239 unchanged (35% of the section changed)

2 unchanged sentences

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026

December 31, 2025

Investment in XRP, at fair value (cost $ 226,465,858 , and $ 289,712,269 , respectively) $ 112,922,318 $ 247,693,539

10 unchanged sentences

Net asset value per Share $ 10.16 $ 17.83

The accompanying notes are an integral part of the financial

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

21SHARES XRP ETF

SCHEDULES OF INVESTMENT

March 31, 2026 (Unaudited)

June 30, 2026 (Unaudited)

% of Net Assets

12 unchanged sentences

STATEMENTS OF OPERATIONS

March 31, 2026

March 31, 2025

Sponsor Fee $ 104,899 $ 1,366,006 $ 247,761 $ 2,924,684

6 unchanged sentences

Net change in unrealized appreciation (depreciation) on investment in XRP ( 31,090,401 ) 17,188,651 ( 71,524,810 ) 18,563,873

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

Net change in unrealized gain (loss) on Sponsor Fee payable ( 318 ) ( 34,003 ) 419 50,126

Net realized and change in unrealized gain (loss) ( 32,829,024 ) 17,166,473 ( 84,993,290 ) 18,757,315

Net increase (decrease) in net assets resulting from operations $ ( 32,933,923 ) $ 15,800,467 $ ( 85,241,051 ) $ 15,832,631

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 CHANGES IN NET ASSETS

March 31, 2026

March 31, 2025

Net assets, beginning of period $ 142,148,631 $ 209,384,354 $ 247,658,271 $ 209,352,190

6 unchanged sentences

Net change in unrealized appreciation (depreciation) on investment in XRP ( 31,090,401 ) 17,188,651 ( 71,524,810 ) 18,563,873

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

Net change in unrealized gain (loss) on Sponsor Fee payable ( 318 ) ( 34,003 ) 419 50,126

Net assets, end of period $ 112,916,689 $ 225,184,821 $ 112,916,689 $ 225,184,821

3 unchanged sentences

Net increase (decrease) in Shares issued 260,000 – ( 2,780,000 ) –

The accompanying notes are an integral part

of the financial statements.

to Financial Statements ( UNAUDITED)

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

21Shares XRP ETF

Notes 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”).

5 unchanged sentences

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.

(“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 an “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.

9 unchanged sentences

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

On June 30, 2026, the Sponsor provided notice to the Pricing Benchmark Provider of the termination, effective August 31, 2026, of the licensing agreement between the Sponsor and the Pricing Benchmark Provider relating to the use of the Pricing Benchmark.

The Sponsor intends to enter into a licensing agreement with FTSE International Limited (“FTSE”) on or about August 24, 2026, whereby FTSE will provide each of the Sponsor, the Trust, and their affiliates a non-exclusive, non-transferable, non-sub-licensable, worldwide license to access, view and use FTSE index data to develop, create, calculate, settle, maintain or support and market the Trust.

Accordingly, the change in pricing benchmark provider is not expected to have a material impact on the Trust's net asset value, the fair value measurement of the Trust's XRP, or the Trust's results of operations, and does not represent a change in accounting principle.

The change will be applied prospectively from the date the successor benchmark becomes effective.

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.

3 unchanged sentences

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 .

On December 10, 2025, the Sponsor, in its capacity as Initial Seed Creation Investor, purchased initial seed creation baskets comprising 20,000 Shares (the “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 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 three months ended March 31, 2026 and 2025, and for all interim periods presented have been made.

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

On December 11, 2025, the Trust purchased XRP with the proceeds of the Seed Creation Baskets by transacting with 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, 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 Seed Creation Baskets is held by one or more of the XRP Custodians.

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

The statements of assets and liabilities and schedules of investment on June 30, 2026, and the statements of operations, and changes in net assets for the three and six months ended June 30, 2026 and 2025, have been prepared on behalf of the Trust and are 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 three and six months ended June 30, 2026 and 2025, and for all interim periods presented have been included.

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

5 unchanged sentences

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

As an investment company for accounting purposes, the Trust is exempt from the requirement to present a statement of cash flows pursuant to ASC Topic 230, Statement of Cash Flows.

Accordingly, a statement of cash flows has not been presented.

Accounting Estimates

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

The following table presents information about the Trust’s assets measured at fair value as of June 30, 2026 (Unaudited) and December 31, 2025:

Amount at Fair Value Measurement Using

Fair Value Level 1 Level 2 Level 3

March 31, 2026 (Unaudited)

June 30, 2026 (Unaudited)

Investment in XRP $ 112,922,318 $ 112,922,318 $ – $ –

10 unchanged sentences

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.

The Sponsor Fee payable is settled in XRP.

The liability is remeasured at each reporting date by reference to the fair value of the XRP required to settle it, with the effect of remeasurement recognized in net change in unrealized appreciation (depreciation) on the Sponsor Fee payable.

On settlement, the difference between the carrying amount of the liability and the cost basis of the XRP delivered is recognized in net realized gain (loss) on in-kind liabilities paid.

Calculation of NAV and NAV per Share

7 unchanged sentences

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 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.

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 a gain or loss on such sale.

The Sponsor has reviewed the tax positions as of June 30, 2026 and December 31, 2025, and has determined that no provision for income tax is required in the Trust’s financial statements.

Segment Reporting

6 unchanged sentences

Fair Value of XRP

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):

The following represents the changes in quantity and the fair value of XRP during the six months ended June 30, 2026 (Unaudited) and 2025 (Unaudited):

Quantity of XRP Fair Value

6 unchanged sentences

Net change in unrealized depreciation on investment in XRP – ( 71,524,810 )

Net change in unrealized appreciation on Sponsor Fee payable 738

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

Ending balance as of June 30, 2026 108,256,464.0739 $ 112,922,318

Quantity of XRP Fair Value

6 unchanged sentences

Net change in unrealized appreciation on investment in XRP – 18,563,873

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

Ending balance as of June 30, 2025 98,770,000.0000 $ 225,359,558

The following represents the changes in quantity and the fair value of XRP during the three months ended June 30, 2026 (Unaudited) and 2025 (Unaudited):

Quantity of XRP Fair Value

Beginning balance as of April 1, 2026 105,801,659.6185 $ 142,155,110

XRP purchased for contributions 4,679,662.7365 6,558,187

XRP sold for redemptions ( 2,144,858.2811 ) ( 2,856,206 )

XRP sold to pay expenses ( 80,000.0000 ) ( 103,044 )

Net realized loss on investment in XRP sold to pay Sponsor Fee – ( 64,395 )

Net realized loss on investment in XRP sold for redemptions – ( 1,676,933 )

Net change in unrealized depreciation on investment in XRP – ( 31,090,401 )

Ending balance as of June 30, 2026 108,256,464.0739 $ 112,922,318

Quantity of XRP Fair Value

Beginning balance as of April 1, 2025 99,520,000.0000 $ 209,825,978

XRP purchased for contributions – –

XRP sold for redemptions – –

XRP sold to pay expenses ( 750,000.0000 ) ( 1,666,896 )

Net realized gain on investment in XRP sold to pay Sponsor Fee – 11,825

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

Net change in unrealized appreciation on investment in XRP – 17,188,651

Ending balance as of June 30, 2025 98,770,000.0000 $ 225,359,558

Trust Expenses

3 unchanged sentences

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

The Administrator calculates the Sponsor Fee on a daily basis by applying an annualized rate to the Trust’s total XRP holdings, and the amount of XRP payable in respect of each daily accrual is determined by reference to the Pricing Benchmark.

The Administrator calculates the Sponsor Fee on a daily basis by applying an annualized rate to the Trust’s NAV, and the amount of XRP payable in respect of each daily accrual is determined by reference to the Pricing Benchmark.

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

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.

The Trust incurred Sponsor Fee for the three months ended June 30, 2026 and 2025 of $ 104,899 and $ 1,366,006 , respectively.

The Trust incurred Sponsor Fee for the six months ended June 30, 2026 and 2025 of $ 247,761 and $ 2,924,684 , respectively.

The accrued liability as of June 30, 2026 and December 31, 2025 was $ 5,629 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;

10 unchanged sentences

Creation and Redemption of Shares

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.

The Trust creates and redeems Shares on a continuous basis but only in one or more creation baskets (“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.

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.

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.

3 unchanged sentences

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.

This will cause the Sponsor, on behalf of the Trust, to automatically instruct an 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.

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 an 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 an 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.

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

2026 Three Months

(Unaudited) (Unaudited)

2025 Six Months

2026 Six Months

(Unaudited) (Unaudited) (Unaudited) (Unaudited)

Activity in Capital Shares:

3 unchanged sentences

2026 Three Months

(Unaudited) (Unaudited)

2025 Six Months

2026 Six Months

(Unaudited) (Unaudited) (Unaudited) (Unaudited)

Activity in Capital Transactions:

13 unchanged sentences

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.

As of June 30, 2026 and December 31, 2025, the Sponsor owned zero and 20,000 Shares of the Trust, respectively.

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.

Financial Highlights

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

2026 Three Months ended

(Unaudited) (Unaudited)

Per Share Performance (for a Share outstanding throughout the

periods presented) Three Months

2026 Three Months

2025 Six months

2026 Six months

(Unaudited) (Unaudited) (Unaudited) (Unaudited)

Net asset value per Share, beginning of period $ 13.10 $ 20.94 $ 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 investment income (loss) (1) ( 0.01 ) ( 0.14 ) ( 0.02 ) ( 0.30 )

Net realized and change in unrealized gain (loss) (2) ( 2.93 ) 1.72 ( 7.65 ) 1.88

Net change in net assets from operations ( 2.94 ) 1.58 ( 7.67 ) 1.58

2 unchanged sentences

Ratio to average net assets (4)

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

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

Gross expenses 0.30 % 2.50 % 0.30 % 2.50 %

24 unchanged sentences

Subsequent Events

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.

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 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