XRPZ — what changed in the latest 10-Q
A section-by-section comparison of XRPZ'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 · 2026-08-14 vs the prior 10-Q · 2026-02-17
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +4 | −4 | ~12 | 13 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | +4 | −2 | ~3 | 1 |
| 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 · 2026-08-14
On October 15, 2025, Franklin Resources Inc. (the “Seed Capital Investor”), an affiliate of the Sponsor, subject to conditions, purchased 4,000 Shares at a per-Share price equal to $25.00 (the “Initial Seed Shares”). Delivery of the Initial Seed Shares was made on October 15, 2025. Total proceeds to…
The Trust is an “emerging growth company” as that term is used in the Jumpstart Our Business Startups Act (the “JOBS Act”), subject to reduced public company reporting requirements under U.S. federal securities laws.
For the three months ended June 30, 2026, 6,050,000 Shares were issued in exchange for 65,709,080.7156 XRP and no Shares were redeemed. The Fund’s NAV per Share began the period at $14.63 and ended the period at $11.39. The 22.15% decrease in the Fund's NAV from $14.63 at March 31, 2026 to $11.39 at…
Net realized and unrealized loss on investment in XRP for the three months ended June 30, 2026, was approximately $67,404,501 which consisted of a net change in unrealized depreciation on investment in XRP of approximately $67,404,501. Net decrease in net assets resulting from operations was approxi…
Text removed vs the prior filing · source: 10-Q · 2026-02-17
The Fund is an “emerging growth company” as that term is used in the Securities Act of 1933, as amended (the “Securities Act”), and, as such, the Fund may elect to comply with certain reduced public company reporting requirements.
For the period November 24, 2025 (Date of Commencement of operations) to December 31, 2025*
For the period from November 24, 2025 (Date of Commencement of operations) to December 31, 2025, 10,800,000 Shares were issued in exchange for 117,301,033.4819 XRP and no Shares were redeemed. The Fund’s NAV per Share began the period at $24.40 and ended the period at $19.85. The 18.65% decrease in …
Net realized and unrealized loss on investment in XRP for the period November 24, 2025 (Date of Commencement of operations) to December 31, 2025, was approximately $28,649,503 which consisted of a net change in unrealized depreciation on investment in XRP of approximately $28,649,503. Net decrease i…
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-08-14
Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
Under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rule 13a-15(e) as of June 30, 2026 and concluded th…
Under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures with respect to the Fund, as defined under Exchange Act Rule 13a-15(e) as of June …
There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.
Text removed vs the prior filing · source: 10-Q · 2026-02-17
The duly authorized officers of the Sponsor, performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have c…
The duly authorized officers of the Sponsor, performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, have evaluated the effectiveness of the Fund’s disclosure controls and procedures, and have co…
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