NCIQ is a crypto asset investment trust that holds digital assets, including SOL (the native token of the Solana blockchain) and XRP (the native token of the XRP Ledger), providing investors with exposure to these crypto assets through exchange-listed shares. The Trust generates revenue through a Sponsor's Management Fee, the only ordinary expense charged to the Trust, paid to the Sponsor for administering the vehicle. Shares are created and redeemed through Authorized Participants via in-kind transactions, with crypto assets held by a Crypto Custodian. Custodial services are provided by Fidelity (per a Custodial Services Agreement dated June 27, 2025), with infrastructure services provided by Coinbase Cloud Pte. Ltd. under a Master Infrastructure-as-a-Service Agreement dated October 7, 2025. The Trust has no directors or executive officers, and the Sponsor owned zero Shares as of December 31, 2025.

Revenue model

The Trust charges a Sponsor's Management Fee, described as the only ordinary expense paid by the Trust. Shares are issued and redeemed in-kind through Authorized Participants. Tax compliance fees for fiscal year ended December 31, 2025 totaled $18,000.

Products and services

Exchange-listed trust shares providing exposure to crypto assets including SOL (Solana native token, total supply approximately 587 million tokens, circulating supply approximately 470 million tokens as of the 10-K filing) and XRP (XRP Ledger native token, maximum supply cap of 100 billion, total supply approximately 99.98 billion). The Trust holds crypto assets on behalf of shareholders, with no active trading or staking strategy disclosed.

Customers and end markets

Institutional and retail investors accessing crypto asset exposure through exchange-listed shares. Authorized Participants submit creation and redemption orders and are the direct counterparties for basket transactions. No customer concentration data is disclosed. Beneficial ownership of more than 5% of outstanding Shares as of December 31, 2025 is disclosed in the filing but specific holders are not named in the provided excerpts.

Value-chain role

Passive holding vehicle. The Trust holds crypto assets in custody, issues and cancels shares through Authorized Participants, and delegates operational functions to the Sponsor, a Crypto Custodian (Fidelity, per agreement dated June 27, 2025), a Transfer Agent, and Coinbase Cloud Pte. Ltd. for infrastructure services (per agreement dated October 7, 2025). Liquidity provision is supported by Virtu Financial Singapore Pte. Ltd. under a Liquidity Provider Agreement.

Source: SEC 10-K, filed 2026-03-25

Industry: Commodity Contracts Brokers & Dealers