Bitwise XRP ETF (XRP) is a digital asset investment trust that holds XRP, a cryptocurrency that operates on the XRP Ledger, providing investors with exposure to XRP's price without requiring direct ownership of the digital asset. The Trust generates no investment income. It charges shareholders a Sponsor Fee, which was $73 thousand gross for the period from November 19, 2025 (commencement of operations) through December 31, 2025, partially offset by waivers and reimbursements of $48 thousand, resulting in net expenses of $25 thousand. The Trust is sponsored and administered by Bitwise Asset Management, which competes with other exchange-traded XRP products, including pending applications before the SEC from other issuers, as well as direct XRP ownership and other digital asset vehicles.

Revenue model

The Trust charges a Sponsor Fee assessed against Trust assets. For the period November 19, 2025 through December 31, 2025, gross Sponsor Fees were $73 thousand with $48 thousand waived, yielding $25 thousand in net expenses. The Trust earns no investment income. Revenue to the Sponsor scales with assets under management.

Products and services

A single exchange-traded trust product holding XRP, with shares created and redeemed in kind. The Trust's NAV is calculated using a Pricing Benchmark derived from transaction data across constituent XRP trading venues. No other products or services are offered by the Trust.

Customers and end markets

Investors seeking regulated, exchange-traded exposure to XRP prices without directly holding the digital asset. The Trust commenced operations November 19, 2025 following SEC effectiveness of its Form S-1 (Registration No. 333-282465) on November 19, 2025.

Value-chain role

The Sponsor, Bitwise Asset Management, acts as administrator and manager, purchasing and selling XRP on behalf of the Trust, processing creation and redemption orders, selecting service providers, and coordinating with a custodian to hold XRP. The Trust itself has no directors, officers, or employees.

Competitors

Other exchange-traded XRP products with pending SEC applications, Direct XRP ownership, Other digital asset financial vehicles tracking XRP price

Source: SEC 10-K, filed 2026-03-20

Industry: Commodity Contracts Brokers & Dealers