Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 251

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 251
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71,849,122 |   |
| Ending balance as of August 31, 2025                                      |     |          |  98,470,000 |   |     | $          | 277,982,779 |   |

The following represents the changes
in quantity of XRP and the respective fair value on December 31, 2024:

| Beginning balance as of December 20, 2024                  |     | Quantity 
 of XRP   |           - |     | Fair Value |           - |   |
|:-----------------------------------------------------------|:----|:---------|------------:|:----|:-----------|------------:|:--|
| XRP received                                               |     |          | 100,000,000 |     |            | 220,676,000 |   |
| Net change in unrealized appreciation on investment in XRP |     |          |           - |     |            | (11,166,000 | ) |
| Ending balance as of December 31, 2024                     |     |          | 100,000,000 |     | $          | 209,510,000 |   |

| 4. | TRUST    
 EXPENSES |

The
Trust pays the unitary Sponsor Fee of 2.50% per annum of the Trust’s XRP holdings.
The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed
under the Trust Agreement. The Sponsor Fee accrues daily and is payable in XRP. The Administrator
calculates the Sponsor Fee on a daily basis by applying a 2.50% annualized rate to the Trust’s
total XRP holdings, and the amount of XRP payable in respect of each daily accrual is determined
by reference to the Index. The Sponsor has agreed to pay all operating expenses (except for
litigation expenses and other extraordinary expenses) out of the Sponsor Fee.

<div align='center'>F-11</div>

21Shares XRP ETF

Notes to the financial statements

(Expressed in United States Dollars)

| 5. | SHARE        
 TRANSACTIONS |

For a period ending two (2) years (the “Lock-up Period”), the Purchaser has agreed that it shall not, without the prior written consent of the Sponsor, sell, transfer, assign, pledge, hypothecate or otherwise dispose of any of the Shares it holds, nor will the Purchaser seek to have the Trust or the Sponsor redeem the Shares during the Lock