XRPC — what changed in the latest 10-Q
A section-by-section comparison of XRPC's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-07 vs the prior 10-Q · 2026-05-13
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +4 | −3 | ~6 | 13 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 2 |
| Other information | Text added/removed | 0 | 0 | ~1 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings, Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-07
The net asset value per Share of $16.25 at May 14, 2026 was the highest during the quarter, compared with a low of $10.94 at June 25, 2026.
The decrease in net assets from operations for the quarter ended June 30, 2026, was $(68,664,237), resulting from a decrease in unrealized gain on the Trust’s XRP investment of $(64,967,101), realized losses on the disposition of XRP of $(3,355,237), and Sponsor Fees incurred of $341,899.
The net asset value per Share of $24.68 at January 5, 2026 was the highest during the six-month period, compared with a low of $10.94 at June 25, 2026.
The decrease in net assets from operations for the six months ended June 30, 2026, was $(164,004,547), resulting from a decrease in unrealized gain on the Trust’s XRP investment of $(159,696,803), realized losses on the disposition of XRP of $(3,590,846), and Sponsor Fees incurred of $716,898.
Text removed vs the prior filing · source: 10-Q · 2026-05-13
Results of Operations for the Three Months Ended March 31, 2026*
The net asset value per Share of $24.68 at January 5, 2026 was the highest during the quarter, compared with a low of $12.60 at February 5, 2026.
The decrease in net assets from operations for the quarter ended March 31, 2026, was $(95,340,310), resulting from a decrease in unrealized gain on the Trust’s XRP investment of $(94,729,702), realized losses on the disposition of XRP of $(235,609), and Sponsor Fees incurred of $374,999.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice