- Bitwise XRP ETF holds 131.2M XRP, tracks CME benchmark, and uses Coinbase for pricing and custody of assets.
- ETF recorded $1.44B inflows since launch, with $267M new shares created, showing strong early investor participation.
- Net loss of $25.9M driven by XRP price drop, with no income generated and expenses covered by selling holdings.
Bitwise filed its first 107-page XRP ETF annual report with the U.S. Securities and Exchange Commission, detailing performance and structure. The filing covers operations since the fund launched on November 19, 2025. It outlines holdings, inflows, losses, and custody arrangements, providing a full breakdown of how the XRP-backed product operates.
Fund Structure And Core Holdings
The report shows the trust holds only XRP as its primary asset. It reported 131.2 million coins, with valuation based on Coinbase market prices. Coinbase also serves as the fund’s custodian, securing underlying assets.
Additionally, the ETF tracks XRP using the CME benchmark. The structure follows a Trust-Directed Trade Model. Under this setup, the sponsor sources XRP from counterparties including Nonco LLC and Cumberland DRW LLC.
Meanwhile, the fund applies a 0.34% annual sponsor fee. The sponsor waived fees on the first $500 million for one month after launch.
Inflows, Shares And Market Activity
The filing highlights strong capital movement since launch. The ETF recorded about $267 million in new share creations during the reporting period. Furthermore, cumulative inflows reached $1.44 billion since November 2025.
As of March 16, 2026, the trust reported 16.98 million shares outstanding. These figures reflect continued participation, although recent outflows also appeared in the filing.
Notably, the fund holds minimal cash. It only processes cash during share creation and redemption activity.
Losses Driven By XRP Price Decline
The report details a net decrease in assets from operations totaling $25.937 million. This decline resulted from unrealized losses tied to XRP price movements. During the period, XRP fell from $2.03 to $1.82.
Consequently, the fund reported a net loss per share of $2.31. It also recorded no investment income during the period.
To manage expenses, the sponsor may sell XRP holdings when needed. However, the trust does not plan to use borrowing.