Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 193

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 193
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 Shares and XRP as described in more detail in the Creation Procedures and Redemption Procedures sections below.

The
following description of the procedures for the creation and redemption of Baskets is only
a summary and a Shareholder should refer to the relevant provisions of the Trust Agreement
and the forms of Authorized Participant Agreements for more detail. The Trust Agreement
and forms of Authorized Participant Agreements are filed as exhibits to the registration
statement of which this Prospectus is a part, one of which provides for in-kind creations
and redemptions.

Creation Procedures

On any Business Day,
an Authorized Participant may place an order with the Transfer Agent via the order taking portal to create one or more Baskets via a
cash or in-kind transaction.

Purchase orders must be placed
by 12:00 p.m. ET, the close of regular trading on the Exchange, or another time determined by the Sponsor. The day on which
an order is received by the Transfer Agent is considered the purchase order date.

Upon the Sponsor’s approval,
a creation request by an Authorized Participant will produce an affirmation confirming the acceptance of the order by the Sponsor. Upon
publication of the Trust’s NAV, the Sponsor, Transfer Agent and Authorized Participant will receive a confirmation receipt including
trade details such as trade date, settlement date, direction of trade, number of Shares, XRP entitlement and Authorized Participant details.
On the settlement date, the Sponsor and Authorized Participant will settle entirely in cash.

Prior to the delivery of Baskets
for a purchase order, an Authorized Participant must also have wired to the Transfer Agent the nonrefundable transaction fee due for
the creation order. Authorized Participants may not withdraw a creation request. By placing a cash creation order, an Authorized Participant
agrees to facilitate the deposit of cash with the Cash Custodian. By placing an in-kind creation order, an Authorized Participant agrees
to facilitate the deposit directly of XRP, through its designated agents, with the XRP Custodians.

To effectuate a cash creation
order, an Authorized Participant will be required to prefund with cash the Trust’s purchase of XRP in an amount determined by the
Sponsor. An Authorized Participant will be required to transfer the cash deposit amount associated with such creation order to the Trust’s
account with the Cash Custodian. The Sponsor, on behalf of the Trust, will instruct an XRP Counterparty to purchase the amount of XRP
equivalent in value to the cash deposit amount associated with the creation order, with such purchase transaction prearr