Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 1

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 1
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 of 1933 registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective
amendment filed pursuant to Rule 462(d) under the Securities Act of 1933, check the following box and list the Securities
Act of 1933 registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging
growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated
filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Securities
and Exchange Act of 1934.

| Large accelerated filer |     | ☐ |     | Accelerated filer         |     | ☐ |
| Non-accelerated filer   |     | ☒ |     | Smaller reporting company |     | ☒ |
|                         |     |   |     | Emerging growth company   |     | ☒ |

If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act of 1933. ☐

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

The information in this Preliminary Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Preliminary Prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

<div align='center'>Subject to Completion Dated December 8, 2025

PRELIMINARY PROSPECTUS

SHARES

21Shares XRP ETF</div>

The 21Shares