The Bitwise XRP ETF is an exchange-traded trust that provides investors with simple access to XRP, a decentralized digital asset used primarily for cross-border payments on the XRP Ledger network, through traditional brokerage accounts rather than requiring direct cryptocurrency ownership, custody, and management. The Trust holds XRP and prices it daily against the CME CF XRP reference rate, allowing retail and institutional investors to trade shares on NYSE Arca while a custodian manages the underlying digital asset in secure cold storage. The Trust generates revenue through a unitary sponsor fee charged annually on assets under management, and the sponsor covers all routine operating expenses including custody, administration, regulatory compliance, and related services.