Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 154

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 154
---
.

The Trust is subject to the
risk that the Administrator may calculate the Pricing Benchmark in a manner that ultimately inaccurately reflects the price of XRP. To
the extent that the NAV, Principal Market NAV, the Pricing Benchmark, the Administrator’s or the Sponsor’s other valuation
methodology are incorrectly calculated, neither the Sponsor, the Administrator nor the Trustee will be liable for any error and such
misreporting of valuation data could adversely affect the value of the Shares and investors could suffer a substantial loss on their
investment in the Trust. Moreover, the terms of the Trust Agreement do not prohibit the Sponsor from changing the Pricing Benchmark or
other valuation method used to calculate the NAV and Principal Market NAV of the Trust. Any such change in the Pricing Benchmark or other
valuation method could affect the value of the Shares and investors could suffer a substantial loss on their investment in the Trust.

The IIV disseminated
during the Exchange core trading session hours should not be viewed as an actual real time update of the NAV, because NAV per Share
is calculated only once at the end of each trading day based upon the relevant end of day values of the Trust’s
investments. The IIV will be disseminated on a per Share basis every 15 seconds during regular Exchange core trading session hours
of 9:30 a.m. ET to 4:00 p.m. ET. Solactive will disseminate the IIV value through the facilities of CTA/CQ High Speed
Lines. In addition, the IIV will be available through on-line information services such as Bloomberg and Reuters. The IIV may
differ from the NAV due to the differences in the time window of trades used to calculate each price (the NAV uses a sixty-minute window,
whereas the IIV draws prices from the last trade on each exchange in an effort to produce a relevant, real-time price). The Sponsor
does not believe this will cause confusion in the marketplace, as Authorized Participants are the only Shareholders who interact with
the NAV and the Sponsor will communicate its NAV calculation methodology clearly.

<div align='center'>71</div>

Dissemination of the IIV
provides additional information that is not otherwise available to the public and is useful to Shareholders and market professionals
in connection with the trading of the Trust’s Shares on the Exchange. Shareholders and market professionals will be able throughout
the trading day to compare the market price of the Trust and the IIV. If the market price of the Trust’s Shares