Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 198

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 198
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 if the Trust’s DTC account has been credited with the Baskets to be redeemed. Once the Sponsor
determines that the Shares have been received in the Trust’s DTC account, the Sponsor authorizes the XRP Custodians to transfer
the redemption XRP amount from the Trust’s accounts with the XRP Custodians to the XRP Counterparty for conversion to cash to be
distributed to the Authorized Participant upon settlement. To the extent the Shares associated with the redemption order are not received
in the Trust’s DTC account on the settlement date, the redemption order will be canceled.

Upon receipt of the redemption
distribution of XRP by the XRP Counterparty, the XRP Counterparty, as a counterparty to the Trust, shall convert the XRP associated with
the redemption order to cash for settlement with the Trust. Under most circumstances, this transfer of XRP will be made from the Trust’s
Cold Vault Balance with the XRP Custodians, although in some circumstances, XRP may be transferred from outside of cold storage.

To effectuate a redemption
order via an in-kind transaction, an Authorized Participant will deliver the necessary Shares to the Trust, and the Sponsor will instruct
the Prime Broker to deliver XRP to the account of the Authorized Participant or its designated agent’s account at the Prime Broker.

XRP held in the Trust’s
accounts with the XRP Custodians are the property of the Trust. The Trust, the Sponsor and the service providers will not loan or pledge
the Trust’s assets nor will the Trust’s assets serve as collateral for any loan or similar arrangement, other than in connection
with the Post-Trade Financing Agreement.

<div align='center'>92</div>

Determination of Redemption Distribution

The redemption distribution
for cash redemptions from the Trust consists of a transfer to an XRP Counterparty of an amount of XRP equal to the NAV of the Trust multiplied
by the number of Shares to be redeemed under the redemption order, with such amount of XRP to be converted by the Trust to cash for settlement
with the redeeming Authorized Participant. The redemption distribution for in-kind redemptions from the Trust consists of a transfer
to the Authorized Participant or its designated agent of an amount of XRP equal to the NAV of the Trust multiplied by the number of Shares
to be redeemed under the redemption order.

Delivery of Redemption Distribution

In the case of a cash redemption,
the Trust, through the Cash Custodian, will deliver cash to