Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 73

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 73
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 fact that they hold such other digital asset. Airdrops are not included in the Pricing Benchmark under its current
methodology. For example, in March 2017, the promoters of Stellar Lumens announced that anyone that owned bitcoin as of
June 26, 2017, could claim, until August 27, 2017, a certain amount of Stellar Lumens. Airdrops are not included in the
Pricing Benchmark under its current methodology. See “Prospectus Summary — CME CF XRP—Dollar Reference Rate — New York Variant (XRPUSD_NY).”

Any name change and any associated rebranding initiative of XRP may not be favorably received by the digital asset community, which could negatively impact the value of XRP and the value of the shares.

From time to time, digital assets may undergo name changes and associated rebranding initiatives. For example, Bitcoin Cash may sometimes be referred to as Bitcoin ABC in an effort to differentiate itself from any Bitcoin Cash hard forks, such as Bitcoin Satoshi’s Vision, and in the third quarter of 2018, the team behind ZEN rebranded and changed the name of ZenCash to “Horizen.” We cannot predict the impact of any name change and any associated rebranding initiative on XRP. After a name change and an associated rebranding initiative, a digital asset may not be able to achieve or maintain brand name recognition or status that is comparable to the recognition and status previously enjoyed by such digital asset. The failure of any name change and any associated rebranding initiative by a digital asset may result in such digital asset not realizing some or all of the anticipated benefits contemplated by the name change and associated rebranding initiative, and could negatively impact the value of XRP and the value of the Shares.

XRP is subject to cybersecurity risks, which could adversely affect an investment in the Trust or the ability of the Trust to operate.

Users of XRP, and therefore investors in XRP-related investment products such as the Trust, are exposed to an elevated risk of fraud and loss, including, but not limited to, through cyber-attacks. XRP can be stolen, and XRP stored in a digital wallet, accessible via private key, can be compromised. While digital wallets do not store or contain the actual XRP, they store public and private keys, which are used as an address for receiving XRP or for spending the XRP, with both forms of transactions recorded on the public immutable ledger, the blockchain