Bitwise has filed its first annual report for its XRP ETF with the U.S. Securities and Exchange Commission, laying out how the fund has operated since its launch on November 19, 2025. The 107-page filing details the product’s holdings, fee structure, benchmark, custody setup, inflows, and losses. It shows that the ETF has taken in $1.44 billion in cumulative inflows, while posting a $25.937 million net loss during the reporting period.
The fund holds only XRP and uses Coinbase for pricing and custody
The filing says the trust holds XRP as its sole primary asset. It reported ownership of 131.2 million XRP, with valuations based on Coinbase market prices. Coinbase also acts as custodian for the underlying assets held by the fund.
For benchmark tracking, the ETF uses the CME benchmark for XRP. Its operating structure follows a Trust-Directed Trade Model, under which the sponsor sources XRP from counterparties. The filing identifies Nonco LLC and Cumberland DRW LLC among those counterparties.
Share creations reached $267 million as total inflows climbed to $1.44 billion
Capital movement stood out in the report. During the reporting period, the ETF recorded about $267 million in new share creations. Since launch in November 2025, cumulative inflows reached $1.44 billion. As of March 16, 2026, the trust had 16.98 million shares outstanding.
The filing also notes that recent outflows appeared during the period covered. Cash holdings remained minimal. The trust only uses cash in connection with share creation and redemption activity rather than as a standing portfolio allocation.
XRP price drop drove unrealized losses and no investment income was recorded
According to the report, net assets decreased by $25.937 million from operations, driven by unrealized losses linked to XRP price movement. Over the same period, XRP fell from $2.03 to $1.82.
The fund reported a net loss of $2.31 per share. It also generated no investment income during the reporting period. To cover expenses, the sponsor may sell XRP holdings if needed, while the trust does not intend to use borrowing.
The filing also describes the fee arrangement. The ETF charges a 0.34% annual sponsor fee, though the sponsor waived fees on the first $500 million for one month after launch.