Grayscale XRP Trust ETF (GXRP) reported third-quarter and nine-month 2026 results. At September 30, 2026, the Trust held 65,442,141.123057 XRP valued at $97.417 million, and net assets were $97.417 million, compared with $223.364 million at December 31, 2025. Principal Market NAV per Share was $28.82, compared with $35.45 at year-end. XRP was the Trust’s sole investment, so its net asset value and results are directly affected by XRP’s price.
For the three months ended September 30, operations increased net assets by $26.082 million and total return was 42.53%. XRP’s principal-market price rose from $1.04 at June 30 to $1.49 at September 30. The Trust issued 540,000 shares valued at $13.922 million and redeemed no shares during the quarter.
For the nine months ended September 30, operations decreased net assets by $25.666 million and total return was -18.70%. XRP’s principal-market price moved from $1.83 at December 31, 2025, to $1.49; net assets decreased 56%. The Trust redeemed 5,330,000 shares valued at $180.780 million and issued 2,410,000 shares valued at $80.499 million. The Sponsor’s Fee is 0.35% of assets less liabilities; the temporary fee waiver expired February 25, 2026.
Grayscale XRP Trust ETF (GXRP) added Anchorage Digital Bank N.A. as an additional custodian for its XRP, effective October 5, 2026; Coinbase Custody Trust Company remains the primary custodian. The Sponsor intends to use Anchorage Digital for a portion of the XRP. The agreement requires private keys for assets held there to be kept in cold storage, except as otherwise permitted; some XRP may be held in hot wallets for settlement or expense payments. Anchorage Digital’s required crime insurance or fidelity bond has limits of at least $100 million in aggregate, shared among its customers and not specific to the Trust.
Effective September 29, 2026, the Trust may create and redeem shares for XRP through in-kind orders, alongside cash orders. Virtu Americas LLC and Macquarie Capital (USA) Inc. have agreements allowing in-kind activity. Orders are due by 3:59:59 p.m. New York time and settle on T+1 or T+2, as set at placement, with each day in the sequence a business day. Updated risk disclosures address custody-provider interruptions or replacement, redemption suspensions, potential premiums or discounts to NAV, and limits on insurance and recourse.
Grayscale XRP Trust ETF (GXRP) amended participant agreements with Macquarie Capital (USA) Inc. and Virtu Americas LLC, allowing them to conduct in-kind creations and redemptions alongside the existing cash process. The Trust’s procedures state that in-kind orders are subject to In-Kind Regulatory Approval and that, because approval had not been obtained, creations and redemptions were then limited to cash orders. Each Basket consists of 10,000 Shares; only Authorized Participants may place orders, and other shareholders must use an Authorized Participant.
On September 29, 2026, the Sponsor made the Trust a party to a custody agreement with Anchorage Digital Bank N.A., which will safeguard a portion of the Trust’s XRP. Coinbase Custody Trust Company remains the primary custodian, and the Sponsor determines how much XRP is held by each custodian. Anchorage’s agreement requires aggregate theft insurance of at least $100 million, including coverage for digital assets in cold storage; shareholders cannot be assured the coverage will be adequate or cover losses to the Trust’s XRP.
Grayscale XRP Trust ETF, a passive vehicle holding XRP, reported materially weaker results as XRP prices declined and investors redeemed shares. Net assets fell to $57.4 million at June 30, 2026 from $223.4 million at December 31, 2025, a 74% decrease, while the Principal Market NAV per Share dropped to $20.22 from $35.45. XRP held declined from 122.2 million to 55.0 million XRP, reflecting both redemptions and XRP used to pay fees.
For the first half of 2026 the Trust recorded a net realized and unrealized loss on XRP of $51.7 million, including a $34.2 million realized loss on XRP sold to meet redemptions and $17.5 million of unrealized depreciation as the principal-market XRP price fell from $1.83 to $1.04. Total return was -42.96%. During the period 1.87 million shares were created and 5.33 million redeemed, leaving 2,840,100 shares outstanding. The Sponsor’s Fee is now 0.35% annually, with the Sponsor continuing to pay most ordinary expenses. The Trust highlights significant concentration risk in XRP and notes that disclosure controls were deemed effective, with no new legal proceedings or risk factors reported.
Grayscale XRP Trust ETF reported leadership changes at its sponsor, Grayscale Investments Sponsors, LLC. Effective July 2, 2026, Senior Vice Presidents of Finance Kathryn Masci and Daniel Plourde were appointed interim Co-Chief Financial Officers.
Masci also joins the sponsor’s Board of Managers and becomes Principal Financial and Accounting Officer of the trust. They succeed Edward McGee, who is stepping down as Chief Financial Officer, Principal Financial and Accounting Officer and Board member for personal reasons, not due to any disagreement with the company or its operations, policies or practices.
Grayscale XRP Trust ETF reported a sharp contraction in Q1 2026 as XRP prices fell and investors redeemed shares. Net assets dropped to $61.5 million at March 31, 2026 from $223.4 million, while Principal Market NAV per share declined to $26.06 from $35.45, a -26.49% total return for the quarter.
The Trust held about 45.8 million XRP, down from 122.2 million, as roughly 5.3 million shares were redeemed for $180.1 million of XRP, partly offset by $53.1 million of creations. Net loss from operations was $34.9 million, driven almost entirely by realized and unrealized losses on XRP as its principal-market price fell from $1.83 to $1.34. Operating costs remained modest, with the Sponsor’s Fee reduced to 0.35% and partially waived for part of the period.
Grayscale XRP Trust ETF registers an indeterminate number of Shares and offers continuously issued ETF-style units designed to track XRP held by the Trust, issued only in Baskets of 10,000 Shares. The prospectus explains NAV calculation (using an Index Price), creation/redemption mechanics (currently Cash Orders only), service providers, fees and risks, including regulatory and market volatility concerns.
The Sponsor charges a 0.35% annual fee (payable in XRP); the Sponsor temporarily waived part of the fee through February 25, 2026. The prospectus highlights the Trust’s reliance on third‑party custodians, Liquidity Providers and Authorized Participants and lists key operational and regulatory risk factors.
Grayscale XRP Trust ETF filed Post-Effective Amendment No. 2 to its Form S-1 to elect incorporation by reference and to include its Form 10-K information; no additional securities are being registered. The Trust issues Shares listed on NYSE Arca under GXRP and registers an indeterminate number of Shares, issued only in Baskets of 10,000 Shares.
The Trust holds XRP and seeks to track XRP value (via an Index Price) net of expenses; the Sponsor’s fee is 0.35% annually (previous partial waiver ended February 25, 2026). The prospectus highlights material risks including regulatory uncertainty, market volatility (Index Price ranged $1.80–$3.55 in the twelve months ended 12/31/2025), concentrated XRP ownership and limited in-kind creation/redemption activity.