Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 250

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 250
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 Quantity 
 of XRP   |             |   |     | Fair Value |             |   |
|:--------------------------------------------------------------------------|:----|:---------|------------:|:--|:----|:-----------|------------:|:--|
| Beginning balance as of January 1, 2025                                   |     |          | 100,000,000 |   |     | $          | 209,510,000 |   |
| XRP sold                                                                  |     |          |  (1,530,000 | ) |     |            |  (3,807,773 | ) |
| Net realized gain on investment in XRP sold to pay sponsor fee            |     |          |           - |   |     |            |     431,430 |   |
| Net change in unrealized appreciation (depreciation) on investment in XRP |     |          |           - |   |     |            |  71,849,122 |   |
| Ending balance as of August 31, 2025                                      |     |          |  98,470,000 |   |     | $          | 277,982,779 |   |

The following represents the
changes in quantity of XRP and the respective fair value on December 31, 2024:

| Beginning balance as of December 20, 2024                  |     | Quantity 
 of XRP   |           - |     | Fair Value |           - |   |
|:-----------------------------------------------------------|:----|:---------|------------:|:----|:-----------|------------:|:--|
| XRP received                                               |     |          | 100,000,000 |     |            | 220,676,000 |   |
| Net change in unrealized appreciation on investment in XRP |     |          |           - |     |            | (11,166,000 | ) |
| Ending balance as of December 31, 2024                     |     |          | 100,000,000 |     | $          | 209,510,000 |   |

| 4. | TRUST    
 EXPENSES |

The Trust pays the unitary Sponsor
Fee of 0.25% per annum of the Trust’s XRP holdings. The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services
performed under the Trust Agreement. The Sponsor Fee accrues daily and is payable in XRP. The Administrator calculates the Sponsor Fee