The Bitwise XRP ETF is a Delaware statutory trust that holds XRP, a digital asset, on behalf of investors. The Trust issues shares listed on NYSE Arca under the ticker "XRP," giving investors exposure to XRP's price through a standard brokerage account without needing to directly purchase, store, or manage XRP. XRP is a digital asset that operates on the XRP Ledger, a decentralized payment network launched in 2012, primarily designed for cross-border financial transactions and interbank payments. The Trust holds only XRP — no derivatives, no leverage, and no other digital assets — and does not engage in active management, lending, staking, or hedging. XRP is held in cold storage by Coinbase Custody Trust Company. The Trust creates and redeems shares in blocks of 10,000 exclusively through Authorized Participants. The Trust's business model is straightforward: Bitwise Investment Advisers charges an annual Sponsor Fee of 0.34% of XRP holdings, which accrues daily and is paid monthly in XRP. In exchange, the Sponsor covers all normal operating expenses. Fee revenue scales directly with assets under management, so a higher XRP price or more shares outstanding both increase dollar fees earned. The Trust calculates NAV daily using the CME CF XRP – Dollar Reference Rate – New York Variant benchmark, aggregating trade data from five constituent exchanges.