Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 226

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 226
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 incurred under the Trust Agreement
without gross negligence, bad faith, or willful misconduct on the part of such Sponsor Indemnified Party arising out of or in connection
with the performance of its obligations hereunder or any actions taken in accordance with the provisions of the Trust Agreement. Any amounts
payable to a Sponsor Indemnified Party under the Trust Agreement may be payable in advance or will be secured by a lien on the Trust.
The Sponsor will not be under any obligation to appear in, prosecute or defend any legal action that in its opinion may involve it in
any expense or liability; provided, however, that the Sponsor may, in its discretion, undertake any action that it may deem necessary
or desirable in respect of the Trust Agreement and the rights and duties of the parties hereto and the interests of the Shareholders and,
in such event, the legal expenses and costs of any such action will be expenses and costs of the Trust and the Sponsor will be entitled
to be reimbursed therefor by the Trust. The obligations of the Trust to indemnify the Sponsor Indemnified Parties will survive the termination
of the Trust Agreement.

Item 15. Recent Sales of Unregistered Securities.

The registrant issued two
common shares of beneficial interest to 21 Shares US LLC, the sponsor of the registrant, in [●] for total consideration of $100
in a private placement exempt from registration in reliance on Section 4(a)(2) of the Securities Act in a transaction by an issuer not
involving a public offering.

<div align='center'>II-1</div>

Item 16. Exhibits and Financial Statement Schedules.

(a) Exhibits.

| Exhibit No. |     | Exhibit Description                                                                               |
| 3.1         |     | Trust Agreement(1)                                                                                |
| 3.2         |     | Second Amended and                                                                                
 Restated Trust Agreement(1)                                                                       |
| 3.3         |     | Certificate of Trust(1)                                                                           |
| 3.4         |     | Certificate of Amendment to Certificate of Trust(1)                                               |
| 5.1         |     | Opinion of Dechert LLP as to legality(1)                                                          |
| 10.1        |     | Form of Sponsor Agreement(1)                                                                      |
| 10.2        |     | Form of Authorized Participant Agreement(1)                                                       |
| 10.3        |     | Form of Prime Broker Agreement(1)