Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 190

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 190
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) being created or redeemed determined as promptly as practicable after 4:00 p.m.
ET on the day the order to create or redeem Baskets is properly received. For in-kind purchases, Authorized Participants will deliver,
or arrange for the delivery by the Authorized Participant’s designated agent of, XRP to the Trust’s accounts with the XRP
Custodians in exchange for Shares. For in-kind redemptions, when Authorized Participants redeem Shares with the Trust, the Trust, through
the XRP Custodians, will deliver XRP to such Authorized Participants or a designated agent thereof, in exchange for their Shares.

Authorized Participants are
the only persons that may place orders to create and redeem Baskets. Authorized Participants must be (1) registered broker-dealers
or other securities market participants, such as banks and other financial institutions, which are not required to register as broker-dealers
to engage in securities transactions described below, and (2) DTC Participants. On May 15, 2025, the staff of the SEC’s Division
of Trading and Markets stated that broker-dealers are permitted to facilitate in-kind creations and redemptions in connection with spot
digital asset exchange-traded products. As part of the same set of Frequently Asked Questions (“FAQs”) clarifying its views
on broker-dealers’ digital asset activities, the staff noted, among other things, that (i) SEC Rule 15c3-3 applies only to those
digital assets that were securities, and (ii) broker-dealers are permitted to facilitate in-kind creations and redemptions in connection
with spot digital asset exchange-traded products. To become an Authorized Participant, a person must enter into an Authorized Participant
Agreement with the Sponsor. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and
for the delivery of the XRP required for such creation and redemptions. The Authorized Participant Agreement and the related procedures
attached thereto may be amended by the Trust, without the consent of any Shareholder or Authorized Participant. Authorized Participants
pay the Transfer Agent a fee for each order they place to create or redeem one or more Baskets. The transaction fee may be reduced, increased
or otherwise changed by the Sponsor.

Authorized Participants will
deliver cash or XRP to create Shares and will (either directly, or through their designated agents) receive cash or XRP when redeeming
Shares.

The XRP Counterparty is
a designated third party with whom the Sponsor has