{"url_path":"/sec/toxr/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/2028835/0001213900-26-055788-index.html","accession_number":"0001213900-26-055788","cik":"0002028835","ticker":"TOXR","issuer_name":"21Shares XRP ETF","edgar_url":"https://www.sec.gov/Archives/edgar/data/2028835/0001213900-26-055788-index.html","primary_entity_key":"0002028835","primary_entity_name":"21Shares XRP ETF"},"word_count":1478,"has_tables":true,"body_markdown":"toxr-20260331\n\nUnlimited\nUnlimited\n\n1\nhttp://fasb.org/srt/2026#ChiefExecutiveOfficerMember\n\nfalse\n0002028835\nQ1\n--12-31\n\n0002028835\n\n2026-01-01\n2026-03-31\n\n0002028835\n\nus-gaap:SubsequentEventMember\ntoxr:InitialSeedCreationBasketsMember\n\n2026-04-17\n2026-04-17\n\n0002028835\n\n2025-01-01\n2025-03-31\n\n0002028835\n\n2025-03-31\n\n0002028835\n\n2026-03-31\n\n0002028835\n\n2024-12-31\n\n0002028835\n\n2025-12-31\n\n0002028835\n\ntoxr:SponsorMember\n\n2026-03-31\n\n0002028835\n\ntoxr:SponsorMember\n\n2025-12-31\n\n0002028835\n\ntoxr:SponsorMember\n\n2026-01-01\n2026-03-31\n\n0002028835\n\n2025-12-11\n2025-12-11\n\n0002028835\n\nus-gaap:FairValueInputsLevel1Member\ntoxr:FairValueOfInvestmentMember\n\n2025-12-31\n\n0002028835\n\ntoxr:FairValueOfInvestmentMember\n\n2025-12-31\n\n0002028835\n\nus-gaap:FairValueInputsLevel1Member\ntoxr:FairValueOfInvestmentMember\n\n2026-03-31\n\n0002028835\n\ntoxr:FairValueOfInvestmentMember\n\n2026-03-31\n\n0002028835\n\ntoxr:SponsorMember\n\n2025-12-10\n2025-12-10\n\n0002028835\n\ntoxr:SponsorMember\n\n2025-12-10\n\n0002028835\n\n2025-12-10\n2025-12-10\n\n0002028835\n\n2024-12-20\n2024-12-20\n\n0002028835\n\n2024-12-20\n\n0002028835\n\ntoxr:PercentageOfNetAssetsMember\n\n2025-12-31\n\n0002028835\n\ntoxr:FairValueMember\n\n2025-12-31\n\n0002028835\n\ntoxr:CostMember\n\n2025-12-31\n\n0002028835\n\ntoxr:QuantityOfXRPMember\n\n2025-12-31\n\n0002028835\n\ntoxr:PercentageOfNetAssetsMember\ntoxr:InvestmentInXRPMember\n\n2025-12-31\n\n0002028835\n\ntoxr:FairValueMember\ntoxr:InvestmentInXRPMember\n\n2025-12-31\n\n0002028835\n\ntoxr:CostMember\ntoxr:InvestmentInXRPMember\n\n2025-12-31\n\n0002028835\n\ntoxr:InvestmentInXRPMember\ntoxr:QuantityOfXRPMember\n\n2025-12-31\n\n0002028835\n\ntoxr:PercentageOfNetAssetsMember\n\n2026-03-31\n\n0002028835\n\ntoxr:FairValueMember\n\n2026-03-31\n\n0002028835\n\ntoxr:CostMember\n\n2026-03-31\n\n0002028835\n\ntoxr:QuantityOfXRPMember\n\n2026-03-31\n\n0002028835\n\ntoxr:PercentageOfNetAssetsMember\ntoxr:InvestmentInXRPMember\n\n2026-03-31\n\n0002028835\n\ntoxr:FairValueMember\ntoxr:InvestmentInXRPMember\n\n2026-03-31\n\n0002028835\n\ntoxr:CostMember\ntoxr:InvestmentInXRPMember\n\n2026-03-31\n\n0002028835\n\ntoxr:InvestmentInXRPMember\ntoxr:QuantityOfXRPMember\n\n2026-03-31\n\n0002028835\n\n2026-05-11\n\n0002028835\n\n2025-12-31\n2025-12-31\n\n0002028835\n\n2026-03-31\n2026-03-31\n\n0002028835\n\nus-gaap:FairValueInputsLevel2Member\ntoxr:FairValueOfInvestmentMember\n\n2025-12-31\n\n0002028835\n\nus-gaap:FairValueInputsLevel3Member\ntoxr:FairValueOfInvestmentMember\n\n2025-12-31\n\n0002028835\n\nus-gaap:FairValueInputsLevel2Member\ntoxr:FairValueOfInvestmentMember\n\n2026-03-31\n\n0002028835\n\nus-gaap:FairValueInputsLevel3Member\ntoxr:FairValueOfInvestmentMember\n\n2026-03-31\n\nxbrli:shares\n\nxbrli:pure\n\niso4217:USD\n\nxbrli:shares\n\niso4217:USD\n\nutr:g\n\ntoxr:Segment\n\n \n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\n \n\n \n\nFORM 10-Q\n\n \n\n \n\n \n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the quarterly period ended March 31, 2026\n\n \n\nor\n\n \n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the transition period from___________ to____________\n\n \n\nCommission File Number 001-42966\n\n \n\n \n\n  \n\n21Shares XRP ETF\n\n(Exact Name of Registrant as Specified in Its Charter)\n\n \n\n \n\n \n\nDelaware 33-6479139\n\n(State or other jurisdiction of\n \n(I.R.S. Employer\n\nincorporation or organization)\n \nIdentification No.)\n\n \n\n158 W. 27th Street\n\nNew York, New York 10001\n\n(646) 370-6016\n\n(Address, including zip code, and telephone number,\nincluding area code, of registrant’s primary executive offices)\n\n \n\nSecurities registered pursuant to Section 12(b)\nof the Act:\n\n \n\nTitle of each class:\n \nTrading Symbol(s)\n \nName of each exchange\n\non which registered:\n\nShares of Beneficial Interest of 21Shares XRP ETF TOXR Cboe BZX Exchange, Inc.\n\n \n\nSecurities registered or to be registered pursuant to Section 12(g)\nof the Act: None.\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   ☒   Yes   ☐   No\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   ☒   Yes   ☐   No\n\n \n\nIndicate by check mark whether the registrant is a large accelerated\nfiler, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions\nof “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging\ngrowth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge Accelerated Filer\n☐\n \nAccelerated Filer\n☐\n \n\nNon-Accelerated Filer☒ Smaller Reporting Company☒ \n\nEmerging Growth Company☒    \n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided in Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.).  ☐   Yes   ☒   No\n\n \n\nThe registrant had 11,080,000  outstanding shares as of May 11, 2026.\n\n \n\n \n\n \n\n \n\n \n\n \n\nSTATEMENT REGARDING FORWARD-LOOKING\nSTATEMENTS\n\n \n\nThis\nquarterly report on Form 10-Q includes “forward-looking statements” that generally relate to future events or future performance.\nIn some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,”\n“expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,”\n“predict,” “potential” or the negative of these terms or other comparable terminology. All statements (other than\nstatements of historical fact) included in this report that address activities, events or developments that will or may occur in the future,\nincluding such matters as movements in the digital asset markets and indexes that track such movements, the operations of 21Shares XRP\nETF (the “Trust”), the plans of 21Shares US LLC (the “Sponsor”), as the sponsor of the Trust, and references to\nthe Trust’s future success and other similar matters, are forward-looking statements. These statements are only predictions. Actual\nevents or results may differ materially. These statements are based upon certain assumptions and analyses the Sponsor has made based on\nits perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the\ncircumstances.\n\n \n\nWhether or not actual\nresults and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and\nuncertainties, including the special considerations discussed in this report, general economic, market and business conditions, changes\nin laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic\nand political developments. Consequently, all the forward-looking statements made in this report are qualified by these cautionary statements,\nand there can be no assurance that actual results or developments the Sponsor anticipates to occur will be realized or, even if substantially\nrealized, that they will result in the expected consequences to, or have the expected effects on, the Trust’s operations or the\nvalue of its common shares of beneficial interest (the “Shares”).\n\n \n\nShould\none or more of these risks discussed in “Risk Factors” herein or in Part I, Item 1A. “Risk Factors” in our Annual\nReport on Form 10-K filed on March 31, 2026, for the period ended December 31, 2025 (the “Annual Report”) or other uncertainties\nmaterialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those described in forward-looking\nstatements. Forward-looking statements are made based on the Sponsor’s belief, estimates and opinions on the date the statements\nare made, and neither the Trust nor the Sponsor is under a duty or undertakes an obligation to update forward-looking statements if these\nbeliefs, estimates and opinions or other circumstances should change, other than as required by applicable laws. Moreover, neither the\nTrust, the Sponsor, nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements.\nInvestors are therefore cautioned against placing undue reliance on forward-looking statements. \n\n \n\nEmerging\nGrowth Company\n\n \n\nThe\nTrust is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”).\nFor as long as the Trust is an emerging growth company, unlike other public companies, it will not be required to, among other things:\n(i) provide an auditor’s attestation report on management’s assessment of the effectiveness of our system of internal control\nover financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002; or (ii) comply with any new audit rules adopted\nby the Public Company Accounting Oversight Board after April 5, 2012, unless the U.S. Securities and Exchange Commission (“SEC”)\ndetermines otherwise.\n\n \n\nThe\nTrust will cease to be an “emerging growth company” upon the earliest of (i) it having $1.235 billion or more in annual gross\nrevenues, (ii) the date on which the Trust is deemed to be a “large accelerated filer,”  (iii) it issuing more than $1.0\nbillion of non-convertible debt over a three-year period, or (iv) the last day of the fiscal year following the fifth anniversary of its\ninitial public offering.\n\n \n\nIn\naddition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period\nprovided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”) for complying with new or\nrevised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until\nthose standards would otherwise apply to private companies. The Trust intends to take advantage of the benefits of the extended transition\nperiod.\n\n \n\n \n\n \n\n \n\n21Shares\nXRP ETF\n\n \n\nTable of Contents\n\n \n\nPage\n\n \n \n\n[Part I. FINANCIAL INFORMATION](#a_001)\n1\n\n \n \n\n[Item 1. Financial Statements (Unaudited)](#a_002)\n1\n\n[Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025](#a_003)\n1\n\n[Schedules of Investment at March 31, 2026 (Unaudited) and December 31, 2025](#a_004)\n2\n\n[Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)](#a_005)\n3\n\n[Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)](#a_006)\n4\n\n[Notes to Unaudited Financial Statements](#a_007)\n5\n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#a_008)\n12\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#a_009)\n14\n\n[Item 4. Controls and Procedures](#a_011)\n14\n\n \n \n\n[Part II. OTHER INFORMATION](#a_012)\n15\n\n \n \n\n[Item 1. Legal Proceedings](#a_013)\n15\n\n[Item 1A. Risk Factors](#a_014)\n15\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#a_015)\n16\n\n[Item 3. Defaults Upon Senior Securities](#a_016)\n16\n\n[Item 4. Mine Safety Disclosures](#a_017)\n16\n\n[Item 5. Other Information](#a_018)\n16\n\n[Item 6. Exhibits](#a_019)\n17\n\n[Signatures](#a_020)\n18\n\n \n\ni\n\n \n\n \n\nPART I – FINANCIAL INFORMATION:"}