Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 182

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 182
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 date allows the Trust to purchase
XRP through the XRP Counterparty on trade date, with such XRP being deposited in the Trust’s Trading Balance. For settlement of
a redemption, the Trust delivers Shares to the Authorized Participant in exchange for cash received from such Authorized Participant.
To the extent Trade Credits were utilized, the Trust uses the cash to repay the Trade Credits borrowed from the Lender. Any Financing
Fees owed to the Lender is deemed part of trade execution costs and embedded in the trade price for each transaction, and therefore is
the cash-denominated responsibility of an Authorized Participants. To the extent this position changes and Financing Fees owed to the
Lender would be a responsibility of the Trust, such expenses could impact the net assets of the Trust over time by increasing the operational
expenses of the Trust.

The Trust is currently not
aware of the maximum amount of Trade Credit, but such maximum amount of Trade Credit may exist at some point in the future.

The Lender is only required
to extend Trade Credits up to an authorized amount (the “Authorized Amount”) for use on the Prime Broker’s Trading
Platform. Once the Lender has approved the Trust to receive Trade Credits up to the Authorized Amount, the Trust may place orders up
to amounts up to the then-current amount available to the Trust to place orders (the “Available Balance”). The Authorized
Amount will be an amount to be determined, on a daily basis, based on the Lender’s sole discretion considering factors including,
but not limited to, availability of financing and credit due diligence of the Trust. The Lender is only required to extend Trade Credits
to the Trust to the extent such XRP or cash is actually available to the Lender. For example, if the Lender is unable to itself borrow
XRP to lend to the Trust as a Trade Credit, or there is a material market disruption (as determined by the Lender in good faith and in
its sole discretion), the Lender is not obligated to extend Trade Credits to the Trust. The Lender is under no obligation to continue
to provide Trade Credits for certain specific fiat currencies and/or digital assets, and Lender may impose black-out periods during which
Trade Credits for currencies or digital assets may be unavailable.

To the extent that Trade Credits
are not available, (1) there may be delays in the selling of XRP, (2) Trust assets may be in held the Trading Balance for a
longer duration than if Trade Credits were available, and