MeritValue

21Shares XRP ETF

TOXRdata completeness 25%1 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'operatingCashFlow'; no data for concept 'capex'; no data for concept 'cash'; no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

21Shares XRP ETF earns about -15% on equity. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2025
Revenue—
Net income−$36M1
Operating cash flow—
Capital expenditure—
Free cash flow (derived)—
Total debt—
Cash & equivalents—
Diluted shares—

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
-15% avg · 1y
FY25 -15%

It earned an average -15% on equity over 1 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 1y

Not enough history to read capital allocation.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 1 years of net income (need ≥3)
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2025-12-31 · accession 0001213900-26-036689 (NetIncomeLoss)