Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 149

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 149
---
 NAV
and NAV per Share will be calculated using the fair value of XRP based on the price provided by this Exchange, as promptly as practicable
after 4:00 p.m., ET on the measurement date for GAAP purposes. The Trust anticipates that this Exchange will be normally transacted
on by both the Trust and the XRP Counterparty.

The Trust will update its Principal
Market analysis periodically and as needed to the extent that events have occurred, or activities have changed in a manner that could
change the Trust’s determination of the principal market.

The Sponsor on behalf of the
Trust will determine in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements
in accordance with GAAP.

The cost basis of the investment
in XRP recorded by the Trust for financial reporting purposes is the fair value of XRP at the time of transfer. The cost basis recorded
by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.

<div align='center'>70

ADDITIONAL INFORMATION ABOUT THE TRUST</div>

The Trust

The Trust is a Delaware statutory
trust, formed on June 3, 2024 pursuant to the DSTA. The Trust continuously issues common shares representing fractional undivided
beneficial interest in and ownership of the Trust (“Shares”) that may be purchased and sold on the Exchange. The Trust will
operate pursuant to the Trust Agreement. CSC Delaware Trust Company, a Delaware trust company, is the Delaware trustee of the Trust. The
Trust is managed and controlled by the Sponsor. The Sponsor is a limited liability company formed in the state of Delaware on June 16,
2021.

The number of outstanding Shares
is expected to increase and decrease from time to time as a result of the creation and redemption of Baskets. The creation and redemption
of Baskets requires the delivery to the Trust or the distribution by the Trust of the amount of cash equivalent to the amount of XRP represented
by the NAV of the Baskets being created or redeemed. The total amount of XRP required for the creation of Baskets will be based on the
combined net assets represented by the number of Baskets being created or redeemed.

The Trust has no operating
history. The Trust and the Sponsor face competition with respect to the creation of competing products, such as exchange-traded products
offering exposure to the spot XRP market or other digital assets. There can be no assurance that the Trust will grow to or