Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 24

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 24
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 the quantity of
XRP attributable to each Share of the Trust (net of accrued but unpaid Sponsor Fees (defined below) and any accrued but unpaid extraordinary
expenses or liabilities).

Authorized Participants
may purchase Shares in cash by depositing cash in the Trust’s account with the Cash Custodian. This will cause the Sponsor, on
behalf of the Trust, to automatically instruct an XRP Counterparty to (i) purchase the amount of XRP equivalent in value to the
cash deposit amount associated with the order and (ii) deposit the resulting XRP deposit amount in the Trust’s account with
the XRP Custodian, resulting in the Transfer Agent crediting the applicable amount of Shares to the Authorized Participant. Authorized
Participants may also purchase Shares in-kind. To purchase Shares in-kind, an Authorized Participant delivers, or arranges for the delivery
by the Authorized Participant’s designated agent of, XRP to the Trust’s account with the XRP Custodian in exchange for Shares.

When such an Authorized Participant redeems its Shares in cash, the Sponsor, on behalf of the Trust will direct the XRP Custodian to transfer XRP to the XRP Counterparty, who will sell the XRP to be executed, in the Sponsor’s reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate NAV, taking into account any spread, commissions, or other trading costs and deposit the cash proceeds of such sale in the Trust’s account with the Cash Custodian for settlement with the Authorized Participant. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Sponsor. Authorized Participants may also redeem Shares in-kind. When such
an Authorized Participant redeems Shares in-kind, the Trust, through the XRP Custodian, will deliver XRP to the Authorized Participant,
or a designated agent thereof, in exchange for its Shares.

The Initial Seed Creation
Investor, in its capacity as the Selling Shareholder, may sell some or all of the Shares pursuant to the registration statement that
this Prospectus forms a part, which Shares will have been registered to permit the resale from time to time after purchase. The Shares
offered by the Selling Shareholder were acquired by the Selling Shareholder as described in the registration statement and could be sold
at different times and at different offering prices. The Trust will not receive any of the proceeds from the resale or redemption by
the Selling