Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 214

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 214
---
, before seeking
such approval, the Sponsor or other indemnitee must apprise the court of the position held by regulatory agencies against such indemnification.
These agencies are the SEC and the securities administrator of the State or States in which the plaintiffs claim they were offered or
sold interests.

<div align='center'>102

MANAGEMENT; VOTING BY SHAREHOLDERS</div>

Each Share represents a
fractional undivided beneficial interest in the net assets of the Trust. Upon redemption of the Shares, the applicable Authorized Participant
shall be paid solely out of the funds and property of the Trust. All Shares are transferable, fully paid and non-assessable. The assets
of the Trust consist primarily of XRP held by the XRP Custodians on behalf of the Trust.

The Shareholders of the Trust
take no part in the management or control, and have no voice in, the Trust’s operations or business. Except in limited circumstances,
Shareholders will have no voting rights under the Trust Agreement.

Owners of Shares do not generally
have any voting rights. The Shares do not represent a traditional investment and are not similar to shares of a corporation operating
a business enterprise with management and a board of directors. All Shares are of the same class with equal rights and privileges. By
acquiring Shares, you are not acquiring the right to elect directors, to receive dividends, to vote on certain matters regarding the
issuer of your Shares or to take other actions normally associated with the ownership of shares. The Shares do not entitle their holders
to any conversion or pre-emptive rights or any redemption rights. In certain circumstances, Shareholders may vote to appoint a successor
Sponsor following the Voluntary Withdrawal of the Sponsor, or to continue the Trust in certain instances of dissolution of the Trust.
Shareholders shall otherwise have no voting rights with respect to the Trust.

The Sponsor will generally
have the right to amend the Trust Agreement as it applies to the Trust provided that the Shareholders have the right to vote only if
expressly required under Delaware or federal law or rules or regulations of the Exchange, or if submitted to the Shareholders by the
Sponsor in its sole discretion.

The Trust does not have any
directors, officers or employees. The creation and operation of the Trust has been arranged by the Sponsor. The following persons, in
their capacities as executive officers of the Sponsor, a Delaware limited liability company, perform certain functions with respect to
the Trust that, if the