Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 25

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 25
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When the Trust sells or redeems
its Shares, XRP will be transferred into or out of the Trust, as applicable, in exchange for Baskets that are based on the quantity of
XRP attributable to each Share of the Trust (net of accrued but unpaid Sponsor Fees and any accrued but unpaid extraordinary expenses
or liabilities).

Authorized Participants may
purchase Shares in cash by depositing cash in the Trust’s account with the Cash Custodian. This will cause the Sponsor, on behalf
of the Trust, to automatically instruct an XRP Counterparty to (i) purchase the amount of XRP equivalent in value to the cash deposit
amount associated with the order and (ii) deposit the resulting XRP amount in the Trust’s accounts with the XRP Custodians,
resulting in the Transfer Agent crediting the applicable amount of Shares to an Authorized Participant. Authorized Participants may also
purchase Shares in-kind. To purchase Shares in-kind, an Authorized Participant delivers, or arranges for the delivery by the Authorized
Participant’s designated agent of, XRP to the Trust’s account with an XRP Custodian in exchange for Shares.

When such an Authorized Participant redeems its Shares in cash, the Sponsor, on behalf of the Trust will direct an XRP Custodian to transfer XRP to the XRP Counterparty, who will sell the XRP to be executed, in the Sponsor’s reasonable efforts, at the Pricing Benchmark price used to calculate the Trust’s NAV, taking into account any spread, commissions, or other trading costs and deposit the cash proceeds of such sale in the Trust’s account with the Cash Custodian for settlement with the Authorized Participant. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Sponsor. Authorized Participants may also redeem Shares in-kind. When such an Authorized Participant redeems Shares in-kind, the Trust, through an XRP Custodian, will deliver XRP to an Authorized Participant, or a designated agent thereof, in exchange for its Shares.

The Initial Seed Creation
Investor, in its capacity as the Selling Shareholder, may sell some or all of the Shares pursuant to the registration statement of which
this Prospectus forms a part, which Shares will have been registered to permit the resale from time to time after purchase. The Shares
offered by the Selling Shareholder were acquired by the Selling Shareholder as described in the registration