The Trust reported a net investment loss of $232,000 for the three months ended March 31, 2026. Net assets decreased from $241.4 million at year-end 2025 to $261.9 million at March 31, 2026, despite a significant decline in the price of XRP. The Trust experienced a net realized and unrealized loss of $91.5 million during the quarter. The Principal Market NAV per share fell from $20.46 at the end of 2025 to $15.03 as of March 31, 2026. The Trust issued 6,730,000 shares and redeemed 1,110,000 shares during the period.