Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 202

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 202
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 the XRP Custodians on behalf of the Trust until (i) delivered
out in connection with redemptions of Baskets or (ii) transferred or sold by the XRP Custodians to pay fees due to the Sponsor and
to pay the Trust’s expenses and liabilities not assumed by the Sponsor.

<div align='center'>OWNERSHIP OF BENEFICIAL INTEREST IN THE TRUST</div>

The beneficial interest
in the Trust is divided into Shares. Each Share of the Trust represents an equal beneficial interest in the net assets of the Trust,
and each holder of Shares is entitled to receive such holder’s pro rata share of distributions of income and capital gains, if
any. On December 17, 2024, pursuant to a subscription agreement (the “Ripple Subscription Agreement”), the Trust issued to
Ripple Markets 10,000,000 Shares for an aggregate purchase price of 100,000,000 XRP. The Shares issued to Ripple Markets pursuant to
the Ripple Subscription Agreement are subject to certain lock-up restrictions, which are described in further detail above. See “Plan of Distribution – Initial Seed Creation Investor; Selling Shareholder – Lock-Up Period.” As of the date of this
Prospectus, Ripple Markets is the only shareholder of the Trust.

All Shares are fully paid
and non-assessable. No Share will have any priority or preference over any other Share of the Trust. All distributions, if any, will
be made ratably among all Shareholders from the assets of the Trust according to the number of Shares held of record by such Shareholders
on the record date for any distribution or on the date of termination of the Trust, as the case may be. Except as otherwise provided
by the Sponsor, Shareholders will have no preemptive or other right to subscribe to any additional Shares or other securities issued
by the Trust.

The Sponsor will have full
power and authority, in its sole discretion, without seeking the approval of the Trustee or the Shareholders (a) to establish and
designate and to change in any manner and to fix such preferences, voting powers, rights, duties and privileges of the Trust as the Sponsor
may from time to time determine, (b) to authorize the division of the beneficial interest in the Trust into an unlimited amount
of Shares, with or without par value, as the Sponsor will determine, (c) to authorize the issuance of Shares without limitation
as to number (including fractional Shares), to such