Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 9

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 9
---
.
The Shares of the Trust are valued daily based on the Pricing Benchmark.

In seeking to achieve its
investment objective, the Trust will hold XRP. The Trust is sponsored by 21Shares US LLC (the “Sponsor”), a wholly-owned
subsidiary of 21co Holdings Limited (formerly known as Amun Holdings Limited). The ultimate parent company of 21co Holdings Limited is
FalconX Holdings Limited (“FalconX”), a leading institutional digital asset prime brokerage.

XRP is a digital asset.
Like all digital assets, buying, holding and selling XRP is very different from buying, holding and selling more conventional investments
like stocks and bonds. Stocks represent ownership in a company, entitling shareholders to a portion of the company’s profits. Bonds
are debt instruments issued by corporations or governments, where the bondholder is a creditor to the issuer that is generally entitled
to a stream of income payments. Ownership of stocks and bonds is typically recorded through a centralized system managed by brokers,
custodians or clearinghouses. Ownership of XRP does not entitle its holders to any portion of a company’s profits or any stream
of income payments. XRP is a digital asset and ownership of it is reflected on a distributed ledger. Additionally, XRP is not offered
or sold as a security and is thus not subject to the protections of the U.S. federal securities laws.

The Trust does not provide
investors with direct exposure to XRP, and an investment in the Trust is not a direct investment in XRP. Rather, the Trust provides
investors with the opportunity to indirectly access the market for XRP through a traditional brokerage account without the potential
barriers to entry or risks involved with holding or transferring XRP directly or acquiring it from an XRP spot market.

The Trust will custody
its XRP with regulated third-party custodians. Coinbase Custody Trust Company, LLC (the “Coinbase Custodian”), Anchorage
Digital Bank N.A. (the “Anchorage Custodian”), and BitGo Trust Company, Inc. (the “BitGo Custodian” and together
with the Coinbase Custodian and the Anchorage Custodian, the “XRP Custodians”). The Coinbase Custodian is chartered as a
New York state limited liability trust company, the BitGo Custodian is chartered as a South Dakota state limited liability trust
company and the Anchorage Custodian is chartered as a South Dakota state limited liability trust company and as a federally