Grayscale XRP Trust ETF (NYSE: GXRP)

Grayscale XRP Trust ETF is a Delaware statutory trust that was formed on August 5 2024 and later renamed to its current form on November 20 2025. The trust’s sole purpose is to hold XRP tokens and to issue shares that reflect the value of those holdings less expenses. Each share represents an undivided beneficial interest in the trust’s XRP and is designed to track the price of XRP through a passive investment approach. The trust does not engage in active trading or management of the underlying asset and it does not use leverage derivatives or any similar strategies. Shares are created and redeemed only in blocks of 10,000 units known as baskets and they are listed on NYSE Arca under the ticker symbol GXRP. The sponsor oversees custodial administrative and marketing functions while the trustee provides limited oversight as required by Delaware law.

The trust does not generate revenue from the sale of goods or services. Instead the sponsor receives a fee that is calculated as a percentage of the trust’s net asset value and is paid in XRP. The fee rate was 2.5 percent from inception until November 23 2025 and was reduced to 0.35 percent effective November 24 2025. From November 24 2025 until the trust’s net asset value exceeds 1,000,000,000 dollars the sponsor has waived the fee entirely; after that date the fee returns to 0.35 percent. The fee compensates the sponsor for services such as custody administration transfer agency marketing and regulatory compliance. Investors receive returns primarily from changes in the market price of XRP which is reflected in the daily net asset value published by the sponsor. The trust’s expenses are limited to the sponsor fee and other routine costs which are covered by the sponsor as part of the fee arrangement.

Grayscale XRP Trust ETF operates within the niche of single asset cryptocurrency exchange traded products that aim to give investors direct exposure to a specific digital token. It competes with similar products that track Bitcoin Ether and other altcoins as well as with other XRP focused trusts and privately offered funds. Its competitive advantages stem from its listing on a major national exchange which provides liquidity and price transparency to a broad investor base. The sponsor’s decision to lower the expense ratio to 0.35 percent makes the product cost effective relative to many alternatives that charge higher fees. The use of a qualified custodian Coinbase Custody Trust Company LLC which stores the XRP in cold storage adds a layer of security that is not always present in competing products. Additionally the trust provides daily net asset value information and publishes its holdings on a public website allowing investors to verify the backing of each share. These factors help the trust differentiate itself in a market where concerns about custody fees and operational complexity can deter potential investors.

The trust’s shares are available to any investor who can trade on NYSE Arca and its primary customers include institutional and retail investors seeking exposure to XRP without the complexities of directly holding the token. Authorized participants that create and redeem shares in baskets of 10,000 shares include Jane Street Capital LLC Virtu Americas LLC Macquarie Capital USA Inc and ABN AMRO Clearing USA LLC. These entities act as intermediaries that transfer XRP to the trust when they create new baskets and receive XRP from the trust when they redeem baskets. In addition to these specific participants a wide range of broker dealers and financial advisors can buy and sell the shares on the secondary market for their clients. The trust does not impose any minimum investment size and it does not place restrictions on who may hold the shares beyond the standard requirements of a brokerage account.