Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market Information
Trust
Commencement of
Trading
Ticker Symbol
Name of each exchange
on which registered
Bitwise XRP ETF
November 20,2025
XRP
NYSE Arca
Holders
As of December 31, 2025, there was one holder of record of the Trust. This includes Cede & Co. as nominee for DTC for the Shares traded on the Exchange, but not its direct participants. Therefore, this number does not include the individual holders who have bought Shares on the Exchange or transferred their eligible Shares to their brokerage accounts. Because all of the Trust’s Shares are currently held by brokers and other institutions on behalf of Shareholders, the Trust is unable to estimate the total number of Shareholders represented by the record holder.
Dividends
The Trust made no distributions to Shareholders during the period ended December 31, 2025. The Trust has no obligation to make periodic distributions to Shareholders.
Use of Proceeds from Registered Securities
On November 19, 2025, the Trust’s Registration Statement on Form S-1 (File No.333-282465) was declared effective pursuant to which the Trust registered an unlimited number of Shares. The Trust’s Shares began trading on the Exchange on November 20, 2025 and since that date, through March 12, 2026 (excluding any redemptions), the Trust sold 18,090,000 Shares for aggregate proceeds of $390,263,381. The Trust seeks to use substantially all of the proceeds of the offering of Shares to make investments in XRP in a manner consistent with the Trust’s investment objective.
Recent Sales of Unregistered Shares
Prior to the commencement of operations on November 19, 2025, On October 10, 2025, Bitwise Asset Management, Inc. ("BAM"), the parent company of the Sponsor, purchased 8 Shares at a per-share price of $25.00 for $200.00 in a transaction exempt from registration under Section 4(a)(2) of the 1933 Act (the "Seed Shares"). On November 19, 2025, BAM redeemed the entirety of its 8 Seed Shares for $200 and Bitwise Investment Manager, LLC (“BIM”), an affiliate of the Sponsor, purchased the initial 100,000 Shares of the Trust (the “Seed Baskets”) for $2,277,445, at a per-Share price of $22.77.
Repurchases of Equity Securities by the Issuers and Affiliated Purchaser
The Trust does not purchase Shares directly from its Shareholders. In connection with its redemption of Creation Units held by Authorized Participants, the Trust did not redeem any Creation Units (comprising 0 Shares) during the quarter ended December 31, 2025.
Item 6. [Reserved].
80
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.