The Grayscale XRP Mini Trust is a Delaware statutory trust that holds XRP, a digital asset, and offers shares to institutional and retail investors seeking exposure to XRP without direct custody or management responsibilities. The Trust does not actively manage its holdings but instead passes through changes in XRP's value to shareholders proportionally, with its net asset value determined by an index price calculated from XRP prices across multiple digital asset trading platforms. The Trust generates revenue through sponsorship fees accrued daily based on net asset value and paid in XRP, while authorized participants—registered broker-dealers—facilitate the creation and redemption of shares, and the XRP itself is held in custody by Coinbase Custody Trust Company. The Trust operates in the competitive digital asset market and competes with other exchange-traded digital asset products and alternative digital assets, with its success dependent on maintaining scale and operational efficiency.
| USD millions | FY2025 |
|---|---|
| Net Income | -38 |