Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 187

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 187
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the DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through which their Shares are held)
to transfer the Shares. Transfers are made in accordance with standard securities industry practice.

Transfers of interests in
Shares with DTC are made in accordance with the usual rules and operating procedures of DTC and the nature of the transfer. DTC has established
procedures to facilitate transfers among the participants and/or accountholders of DTC. Because DTC can only act on behalf of DTC
Participants, who in turn act on behalf of Indirect Participants, the ability of a person or entity having an interest in a global certificate
to pledge such interest to persons or entities that do not participate in DTC, or otherwise take actions in respect of such interest,
may be affected by the lack of a certificate or other definitive document representing such interest.

DTC will take any action permitted
to be taken by a Shareholder (including, without limitation, the presentation of a global certificate for exchange) only at the direction
of one or more DTC Participants in whose account with DTC interests in global certificates are credited and only in respect of such portion
of the aggregate principal amount of the global certificate as to which such DTC Participant or Participants has or have given such direction.

<div align='center'>86

INITIAL SEED CREATION INVESTOR</div>

21Shares US LLC (in such capacity,
the “Initial Seed Creation Investor”) is expected to purchase initial seed creation baskets comprising 20,000 Shares (the
“Initial Seed Creation Baskets”) at a per-Share price of $25.00. The total proceeds to the Trust from the sale of the Initial
Seed Creation Baskets are expected to be approximately $500,000.00. Such proceeds are expected to be used by the Trust to purchase XRP
at or prior to the listing of the Shares on the Exchange. In this capacity, the Initial Seed Creation Investor will act as a statutory
underwriter in connection with this purchase. The XRP acquired in connection with the Initial Seed Creation Baskets will be held by the
XRP Custodians. The price of the Shares comprising the Initial Seed Creation Baskets will be determined as of the effective date of the
registration statement of which this Prospectus forms a part as described in this Prospectus, and such Shares could be sold at different
prices if sold by the Initial Seed Creation Investor at different times. It is anticipated that the Initial Seed