Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 193

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 193
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i) SEC Rule 15c3-3 applies only to those digital assets that were
securities, and (ii) broker-dealers are permitted to facilitate in-kind creations and redemptions
in connection with spot digital asset exchange-traded products. To become an Authorized Participant,
a person must enter into an Authorized Participant Agreement with the Sponsor. The Authorized
Participant Agreement provides the procedures for the creation and redemption of Baskets
and for the delivery of the XRP required for such creation and redemptions. The Authorized
Participant Agreement may provide for in-kind Basket creations and redemptions. The Authorized
Participant Agreement and the related procedures attached thereto may be amended by the Trust,
without the consent of any Shareholder or Authorized Participant. Authorized Participants
pay the Transfer Agent a fee for each order they place to create or redeem one or more Baskets.
The transaction fee may be reduced, increased or otherwise changed by the Sponsor.

Authorized Participants will
deliver cash or XRP to create Shares and will (either directly, or through their designated agents) receive cash or XRP when redeeming
Shares.

The XRP Counterparty is a
designated third party with whom the Sponsor has entered into an agreement on behalf of the Trust that will deliver, receive or convert
to U.S. dollars the XRP related to an Authorized Participant’s creation or redemption order. The Trust will create Shares
by receiving XRP from an XRP Counterparty that is not an Authorized Participant, and the Trust — not the Authorized Participant — is
responsible for selecting the XRP Counterparty to deliver the XRP. Further, the XRP Counterparty will not be acting as an agent
of the Authorized Participant with respect to the delivery of the XRP to the Trust or acting at the direction of the Authorized Participant
with respect to the delivery of the XRP to the Trust. The XRP Counterparty is not contractually obligated to participate in cash orders
for creations.

The Trust will redeem Shares
by delivering XRP to an XRP Counterparty that is not an Authorized Participant and the Trust — not the Authorized Participant — is
responsible for selecting the XRP Counterparty to receive the XRP. Further, the XRP Counterparty will not be acting as an agent
of the Authorized Participant with respect to the receipt of the XRP from the Trust or acting at the direction of the Authorized Participant
with respect to the receipt of the XRP from the Trust.

Generally speaking, XRP Counterparties