Grayscale XRP Trust ETF Financials

GXRP

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Grayscale XRP Trust ETF (GXRP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI GXRP FY2025 2026-05-08

GXRP’s visible mechanic is external financing replacing operating cash burn while a debt-free balance sheet limits solvency pressure.

The reported loss of -$37.9M badly understates the year’s cash absorption: operating cash outflow reached -$248.1M against an asset base of $223.4M. Because financing inflow was also $248.1M and liabilities stayed at $0, the structure was sustained by fresh capital rather than by operations or borrowing.

With total liabilities at $0 and debt-to-equity at 0.0, balance-sheet stress is not coming from lenders; the visible dependency is on continued capital support when cash usage outruns earnings. ROA and ROE of -17.0% show the asset base produced a negative return in FY2025 rather than covering its own cost footprint.

Because revenue and gross margin are absent, the useful lens here is cash conversion, not sales efficiency. The gap between net income of -$37.9M and operating cash flow of -$248.1M suggests balance-sheet movements or fund-structure mechanics mattered more than the income statement alone in explaining the year’s funding need.

Financial Health Signals

Financial Profile 17/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Grayscale XRP Trust ETF's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Grayscale XRP Trust ETF carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

Grayscale XRP Trust ETF generates a -17.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.

Earnings Quality Low Quality

6.55x

For every $1 of reported earnings, Grayscale XRP Trust ETF generates $6.55 in operating cash flow (-$248.1M OCF vs -$37.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$37.9M

Grayscale XRP Trust ETF reported -$37.9M in net income in fiscal year 2025.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

N/A

Dividends Per Share

N/A

Shares Outstanding

Grayscale XRP Trust ETF had 6M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-17.0%

Grayscale XRP Trust ETF's ROE was -17.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

N/A

Share Buybacks

Grayscale XRP Trust ETF spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

GXRP Income Statement

Metric	FY25
Revenue	N/A
Cost of Revenue	N/A
Gross Profit	N/A
R&D Expenses	N/A
SG&A Expenses	N/A
Operating Income	N/A
Interest Expense	N/A
Income Tax	N/A
Net Income	-$37.9M
EPS (Diluted)	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$34.9M+15.9%	-$41.5M-1542.3%	$2.9M+144.2%	$1.2M+382.1%	-$418K-105.8%	$7.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

GXRP Balance Sheet

Metric	FY25
Total Assets	$223.4M
Current Assets	N/A
Cash & Equivalents	N/A
Inventory	N/A
Accounts Receivable	N/A
Goodwill	N/A
Total Liabilities	$0
Current Liabilities	N/A
Long-Term Debt	N/A
Total Equity	$223.4M
Retained Earnings	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$61.5M-72.5%	$223.4M	N/A	N/A	N/A	$10.4M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	N/A	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$0	$0	N/A	N/A	N/A	$0
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$61.5M-72.5%	$223.4M	N/A	N/A	N/A	$10.4M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

GXRP Cash Flow Statement

Metric	FY25
Operating Cash Flow	-$248.1M
Capital Expenditures	N/A
Free Cash Flow	N/A
Investing Cash Flow	N/A
Financing Cash Flow	$248.1M
Dividends Paid	N/A
Share Buybacks	$0

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

GXRP Financial Ratios

Metric	FY25
Gross Margin	N/A
Operating Margin	N/A
Net Margin	N/A
Return on Equity	-17.0%
Return on Assets	-17.0%
Current Ratio	N/A
Debt-to-Equity	0.00
FCF Margin	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-56.7%-38.1pp	-18.6%	N/A	N/A	N/A	69.2%
Return on Assets	-56.7%-38.1pp	-18.6%	N/A	N/A	N/A	69.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.00	N/A	N/A	N/A	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is Grayscale XRP Trust ETF profitable?

No, Grayscale XRP Trust ETF (GXRP) reported a net income of -$37.9M in fiscal year 2025.

What is Grayscale XRP Trust ETF's return on equity (ROE)?

Grayscale XRP Trust ETF (GXRP) has a return on equity of -17.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Grayscale XRP Trust ETF's operating cash flow?

Grayscale XRP Trust ETF (GXRP) generated -$248.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Grayscale XRP Trust ETF's total assets?

Grayscale XRP Trust ETF (GXRP) had $223.4M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Grayscale XRP Trust ETF have outstanding?

Grayscale XRP Trust ETF (GXRP) had 6M shares outstanding as of fiscal year 2025.

What is Grayscale XRP Trust ETF's debt-to-equity ratio?

Grayscale XRP Trust ETF (GXRP) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Grayscale XRP Trust ETF's return on assets (ROA)?

Grayscale XRP Trust ETF (GXRP) had a return on assets of -17.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Are Grayscale XRP Trust ETF's earnings high quality?

Grayscale XRP Trust ETF (GXRP) has an earnings quality ratio of 6.55x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Grayscale XRP Trust ETF?

Grayscale XRP Trust ETF (GXRP) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.