Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 201

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 201
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 or the distribution
by the Trust of the amount of cash equivalent to the amount of XRP represented by the number of Shares included in the Baskets being created
or redeemed, as determined on the day the order to create or redeem Baskets is properly received.

As discussed above, Authorized
Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be registered broker-dealers
or other securities market participants, such as banks and other financial institutions, which are not required to register as broker-dealers
to engage in securities transactions. An Authorized Participant is under no obligation to create or redeem Baskets, and an Authorized
Participant is under no obligation to offer to the public Shares of any Baskets it does create.

Authorized Participants that
do offer to the public Shares from the Baskets they create will do so at per-Share offering prices that are expected to reflect, among
other factors, the trading price of the Shares on the Exchange, the NAV of the Trust at the time the Authorized Participant purchased
the Baskets, the NAV of the Shares at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time
of sale, and the liquidity of XRP or other portfolio investments. Baskets are generally redeemed when the price per Share is at a discount
to the NAV per Share. Shares initially comprising the same Basket but offered by Authorized Participants to the public at different times
may have different offering prices. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple
clients. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other forms
of compensation or inducement of any kind from the Trust or the Sponsor and no such person has any obligation or responsibility to the
Sponsor or the Trust to effect any sale or resale of Shares.

Shares are expected to trade
in the secondary market on the Exchange. Shares may trade in the secondary market at prices that are lower or higher relative to their
NAV per Share. The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by various
factors, including the number of Shareholders who seek to purchase or sell Shares in the secondary market and the liquidity of XRP.

<div align='center'>94

USE OF PROCEEDS</div>

Proceeds received by the
Trust from the issuance of Baskets consist of XRP. Such deposits are held by