Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 162

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 162
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 relating to the XRP Ledger or an unsupported branch of a forked protocol and, accordingly,
Client acknowledges and assumes the risk of the same. The Custodial Services Agreement further provides that, unless specifically communicated
by the XRP Custodian and its affiliates through a written public statement on the Coinbase website, the XRP Custodian does not support
airdrops, metacoins, colored coins, side chains, or other derivative, enhanced or forked protocols, tokens or coins, which supplement
or interact with XRP.

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Under the Trust Agreement,
the Sponsor has the right, in its sole discretion, to determine what action to take in connection with the Trust’s entitlement to
or ownership of Incidental Rights or any IR Virtual Currency, and Trust may take any lawful action necessary or desirable in connection
with the Trust’s ownership of Incidental Rights, including the acquisition of IR Virtual Currency, as determined by the Sponsor
in the Sponsor’s sole discretion, unless such action would adversely affect the status of the Trust as a grantor trust for U.S. federal
income tax purposes or otherwise be prohibited by this Trust Agreement.

With respect to any fork, airdrop
or similar event, the Sponsor will cause the Trust to irrevocably abandon the Incidental Rights or IR Virtual Currency. In the event the
Trust seeks to change this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its
listing rules.

Under the Custodial Services
Agreement, the XRP Custodian’s liability is limited as follows, among others: (i) other than with respect to claims and losses
arising from spot trading of XRP, or fraud or willful misconduct, among others, the XRP Custodian’s aggregate liability under the
Custodial Services Agreement shall not exceed the greater of (A) the greater of (x) $5 million and (y) the aggregate
fees paid by the Trust to the XRP Custodian in the 12 months prior to the event giving rise to the XRP Custodian’s liability,
and (B) the value of the affected XRP or cash giving rise to the XRP Custodian’s liability; (ii) the XRP Custodian’s
aggregate liability in respect of each cold storage address shall not exceed $100 million; (iii) in respect of the XRP Custodian’s
obligations to indemnify the Trust and its affiliates against third party claims and