Fair Value of XRP

9 Months Ended

Sep. 30, 2025

Fair Value of XRP

The following represents the changes in quantity of XRP and the respective fair value for the three and nine months ended September 30, 2025 (Unaudited):

	Quantity
	of XRP			Fair Value

Beginning balance as of January 1, 2025		100,000,000		$	209,510,000
XRP sold		(1,880,000	)		(4,825,873	)
Net realized gain on investment in XRP sold to pay sponsor fee		-			677,164
Net change in unrealized appreciation (depreciation) on investment in XRP		-			74,667,302
Ending balance as of September 30, 2025		98,120,000		$	280,028,593

	Quantity
	of XRP			Fair Value

Beginning balance as of July 1, 2025		98,770,000		$	225,359,558
XRP sold		(650,000	)		(1,968,242	)
Net realized gain on investment in XRP sold to pay sponsor fee		-			533,848
Net change in unrealized appreciation on investment in XRP		-			56,103,429
Ending balance as of September 30, 2025		98,120,000		$	280,028,593

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

21Shares XRP ETF 10-Q