Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 85

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 85
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 or other issues affecting counterparties.
XRP is a new asset with a very limited trading history. Therefore, the markets for XRP may be less liquid and more volatile than other
markets for more established products.

Shares of the Trust are intended
to be listed and traded on the Exchange. There is no certainty that there will be liquidity available on the Exchange or that the market
price will be in line with the NAV or the Principal Market NAV at any given time. There is also no guarantee that once the Shares of the
Trust are listed or traded on the Exchange that they will remain so listed or traded.

If demand for Shares of the
Trust exceeds the availability of XRP from exchanges and the Trust is not able to secure additional supply, Shares of the Trust may trade
at a premium to their underlying value. Investors who pay a premium risk losing such premium if demand for the Shares of the Trust abates
or the Sponsor is able to source more XRP. In such circumstances, Shares of the Trust could also trade at a discount.

Prior to their issuance, there
was no public market for Shares of the Trust.

Counterparty risk.

The Sponsor, Trust, XRP Counterparty,
and Authorized Participants are subject to counterparty risk. An XRP Counterparty may fail to deliver to the Trust’s account at
the XRP Custodian the amount of XRP associated with a creation order, an XRP Counterparty may fail to deliver to the Trust’s account
at the Cash Custodian the amount of cash associated with a redemption order, or the Cash Custodian may fail to deliver to the Authorized
Participant at settlement the cash proceeds from the sale of XRP associated with a redemption order.

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The value of the Shares may be influenced by a variety of factors unrelated to the value of XRP.

The value of the Shares may
be influenced by a variety of factors unrelated to the price of XRP and the XRP exchanges included in the Pricing Benchmark that may have
an adverse effect on the price of the Shares. These factors include, but are not limited to, the following factors:

| ● | Unanticipated problems or issues with respect to the mechanics                                                                      
 of the Trust’s operations and the trading of the Shares may arise, in particular due to the fact that the mechanisms and procedures 
 governing the creation and offering of the Shares and storage of XRP have been developed specifically for this product;             |

| ● | The Trust could experience difficulties in operating and maintaining