Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 191

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 191
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 entered into an agreement on behalf of the Trust that will deliver, receive or convert
to U.S. dollars the XRP related to an Authorized Participant’s creation or redemption order. The Trust will create Shares
by receiving XRP from an XRP Counterparty that is not an Authorized Participant, and the Trust — not the Authorized Participant — is
responsible for selecting the XRP Counterparty to deliver the XRP. Further, the XRP Counterparty will not be acting as an agent
of the Authorized Participant with respect to the delivery of the XRP to the Trust or acting at the direction of the Authorized Participant
with respect to the delivery of the XRP to the Trust. The XRP Counterparty is not contractually obligated to participate in cash orders
for creations.

The Trust will redeem Shares
by delivering XRP to an XRP Counterparty that is not an Authorized Participant and the Trust — not the Authorized Participant — is
responsible for selecting the XRP Counterparty to receive the XRP. Further, the XRP Counterparty will not be acting as an agent
of the Authorized Participant with respect to the receipt of the XRP from the Trust or acting at the direction of the Authorized Participant
with respect to the receipt of the XRP from the Trust.

Generally speaking, XRP
Counterparties deliver XRP related to an Authorized Participant’s purchase order to the Trust’s Cold Vault Balance. Authorized
Participants and XRP Counterparties are not required to maintain an account with the XRP Custodians.

Creations and redemptions
of Shares may result in certain slippage being incurred as a result of, for example, trading fees, spreads, or commissions. Any slippage
so incurred will be the responsibility of an Authorized Participant, as a cash liability, and not of the Trust or Sponsor.

Each Authorized Participant
will be required to be registered as a broker-dealer under the Exchange Act and a member in good standing with FINRA, or exempt
from being or otherwise not required to be licensed as a broker-dealer or a member of FINRA, and will be qualified to act as a broker
or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants may also
be regulated under federal and state banking laws and regulations. Each Authorized Participant has its own set of rules and procedures,
internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.

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