TOXR — what changed in the latest 10-Q
A section-by-section comparison of TOXR'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 · 2026-08-11 vs the prior 10-Q · 2026-05-13
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +8 | −4 | ~6 | 7 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 2 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
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 · 2026-08-11
The Trust’s investment objective is to seek to track the performance of XRP, as measured by the performance of the Pricing Benchmark, adjusted for the Trust’s expenses and other liabilities. CF Benchmarks Ltd. is the Pricing Benchmark Provider. The Pricing Benchmark is designed to reflect the perfor…
The Trust’s NAV increased from $209,384,354 on March 31, 2025 to $225,184,821 on June 30, 2025, a 7.55% increase. The increase resulted primarily from an 8.22% increase in the price of XRP, which rose from $2.1084 on March 31, 2025 to $2.2818 on June 30, 2025, partially offset by the Sponsor Fee, wh…
Net increase in net assets resulting from operations for the three months ended June 30, 2025 was $15,800,467, consisting of a net change in unrealized appreciation on investment in XRP of $17,188,651 and a net realized gain of $11,825 on XRP sold to pay the Sponsor Fee, partially offset by a net in…
Net decrease in net assets resulting from operations for the six months ended June 30, 2026 was $(85,241,051), consisting of a net change in unrealized depreciation on investment in XRP of $(71,524,810), a net realized loss of $(13,360,842) on XRP sold for redemptions, a net realized loss of $(127,5…
The Trust’s NAV increased from $209,352,190 on December 31, 2024 to $225,184,821 on June 30, 2025, a 7.56% increase. The increase in the Trust’s NAV resulted primarily from an 8.91% increase in the price of XRP, which rose from $2.0951 on December 31, 2024 to $2.2818 on June 30, 2025, partially offs…
Text removed vs the prior filing · source: 10-Q · 2026-05-13
The Trust’s investment objective is to seek to track the performance of XRP, as measured by the performance of the Pricing Benchmark, adjusted for the Trust’s expenses and other liabilities. CF Benchmarks Ltd. is the Pricing Benchmark Provider. The Pricing Benchmark is designed to reflect the perfor…
Net increase in net assets resulting from operations for the three months ended March 31, 2025 was $32,164, resulting from a net change in unrealized appreciation on investment in XRP of $1,375,222, a net change in unrealized appreciation on Sponsor Fee payable of $84,129, and a net realized gain of…
The Trust is not aware of any trends, demands, commitments, events, or uncertainties that are reasonably likely to result in material changes to its liquidity needs. The Trust’s only ordinary recurring expense is the fee paid to the Sponsor at an annual rate of 0.30% of the Trust’s total NAV. In exc…
The Sponsor is not required to pay any extraordinary or non-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and e…
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