Grayscale XRP Trust ETF (GXRP) is a digital asset investment trust that holds XRP and provides investors with exposure to XRP's price performance through exchange-listed shares. The Trust generates revenue by charging a sponsor fee against trust assets, with Grayscale Investments, LLC serving as sponsor. The Trust commenced operations on September 5, 2024, and is sponsored by Grayscale Investments Sponsors, LLC, a subsidiary of Grayscale Investments, LLC, which is backed by Digital Currency Group (DCG), founded in 2015 by Barry Silbert. XRP held by the Trust is custodied by Coinbase Custody Trust Company, LLC. From commencement of operations through December 31, 2025, the Index Price of XRP ranged from $0.50 to $3.55, with a straight average of $2.16. During the twelve months ended December 31, 2025, the Index Price ranged from $1.80 to $3.55. The Trust does not actively trade XRP; its value tracks the XRP Index Price derived from constituent digital asset trading platforms.

Revenue model

The Trust charges a sponsor fee assessed against trust assets, which is the primary mechanism by which the sponsor is compensated. Shareholders bear this fee through a reduction in the net asset value of their shares over time.

Products and services

A single-asset investment trust holding XRP, a digital asset that operates on the XRP Ledger network. Shares in the Trust are deposited through DTC (The Depository Trust Company) and provide investors with XRP price exposure without requiring direct custody of XRP.

Customers and end markets

Investors seeking XRP price exposure through a traditional brokerage account rather than direct digital asset ownership. The filing does not disclose customer counts or concentration data.

Value-chain role

The Trust sits between the XRP digital asset market and traditional securities investors. Grayscale Investments Sponsors, LLC acts as sponsor and manages trust operations. Coinbase Custody Trust Company, LLC serves as custodian for the Trust's XRP holdings. KPMG, LLP serves as independent auditor.

Geographic exposure

The Trust is organized under the Delaware Statutory Trust Act and files with the U.S. Securities and Exchange Commission. The filing does not specify geographic revenue breakdown.

Competitors

Other digital asset ETFs and trusts holding XRP or competing digital assets, Bitcoin ETFs and trusts, Ethereum ETFs and trusts

Source: SEC 10-K, filed 2026-03-12

Industry: Commodity Contracts Brokers & Dealers