Grayscale XRP Trust ETF (GXRP) is a passively managed exchange-traded product that holds XRP, a digital asset designed primarily for cross-border payments and currency exchange. The Trust's sole purpose is to give investors exposure to XRP price movements through a brokerage-accessible security listed on NYSE Arca, without requiring investors to buy, store, or custody XRP directly. Each share represents a proportional interest in the XRP held by the Trust. The Trust does not trade, lend, stake, or otherwise actively manage its XRP — it simply holds XRP in custody and tracks the price. Grayscale, acting as Sponsor, charges a fee of 0.35% per year of NAV, accrued daily and paid in XRP, which is the Trust's only ordinary recurring expense. The Sponsor covers most operating costs out of this fee, including custody, administration, and legal costs. Shares are created and redeemed in blocks of 10,000 by Authorized Participants via cash, with Liquidity Providers handling the corresponding XRP transactions. The Trust's XRP is held by Coinbase Custody in cold storage, with private keys split into shards and stored across geographically distributed offline vaults. The Trust is structured as a Delaware Statutory Trust and is intended to be treated as a grantor trust for U.S. tax purposes, meaning shareholders are treated as directly owning their pro rata share of the Trust's XRP.