Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 187

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 187
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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, the 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, through its designated agents, of XRP with the XRP Custodian.

To effectuate a cash creation
order, the Authorized Participant will be required to prefund with cash the Trust’s purchase of XRP in an amount determined by
the Sponsor. The 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 prearranged
to be executed, in the Sponsor’s reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate NAV, taking
into account any spread, commissions, or other trading costs on the applicable Creation Order Date. The resulting XRP will be deposited
in the Trust’s account with the XRP Custodian. Any slippage incurred (including, but not limited to, any trading fees, spreads,
or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Sponsor.

To the extent the