Kinetics Internet Portfolio holds Ripple Labs equity in SEC filing

The report clarifies that the fund’s ownership of Ripple equity has remained constant in share count since at least March 31, when the same 1,875 shares were listed as preferred stock. This stability suggests the recent filing reflects a reclassification or accounting change rather than a new market acquisition. Because Ripple remains a private company, Kinetics categorized the holding as a Level 3 asset, relying on internal valuation models rather than public exchange quotations.

Distinguishing equity from XRP

This investment highlights a fundamental distinction in the crypto space: holding Ripple Labs shares provides an equity interest in the company, whereas owning XRP grants no claim on corporate profits, dividends, or voting rights. While the two often trade on sentiment within the same industry, their underlying value drivers remain separate. The fund’s choice to hold equity underscores a preference for direct exposure to the corporate entity, distinct from the volatility or regulatory status of the XRP token itself. Despite ongoing market speculation regarding a potential public offering, Ripple leadership has maintained that an IPO is not an immediate priority, and no formal registration statement has been filed with regulators.