Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 173

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 173
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assets nor will the Trust’s assets serve as collateral for any loan or similar arrangement, other than in connection with the Post-Trade
Financing Agreement; and (2) the Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its
investment objective.

Interest rates on Trade
Credits (“Financing Fees”) 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, market prices, and credit due diligence of the Trust.

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FORM OF SHARES</div>

Registered Form

Shares are issued in registered
form in accordance with the Trust Agreement. The Transfer Agent has been appointed registrar and transfer agent for the purpose of transferring
Shares in certificated form. The Transfer Agent keeps a record of all Shareholders and holders of the Shares in certified form in the
registry (“Register”). The Sponsor recognizes transfers of Shares in certificated form only if done in accordance with the
Trust Agreement. The beneficial interests in such Shares are held in book-entry form through participants and/or accountholders in DTC.

Book Entry

Individual certificates are
not issued for the Shares. Instead, Shares are represented by one or more global certificates, which are deposited by the Administrator
with DTC and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares
outstanding at any time. Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies
(“DTC Participants”), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant
(“Indirect Participants”), and (3) those who hold interests in the Shares through DTC Participants or Indirect Participants,
in each case who satisfy the requirements for transfers of Shares. DTC Participants acting on behalf of Shareholders holding Shares through
such participants’ accounts in DTC will follow the delivery practice applicable to securities eligible for DTC’s Same-Day
Funds Settlement System. Shares are credited to DTC Participants’ securities accounts following confirmation of receipt of payment.

DTC

DTC is a limited purpose trust
company organized under the laws of the State of New York and is a member of the Federal Reserve System, a “clearing corporation”
within the meaning of the New York Uniform Commercial Code and a “clearing agency” registered pursuant to the