Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 192

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 192
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 on the settlement date. Upon receipt of the required cash indicated in the redemption
order, the Sponsor, on behalf of the Trust, will instruct the XRP Counterparty to convert XRP into cash by effectuating an XRP sale executed,
in the Sponsor’s reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate NAV, and deposit the cash proceeds
of such sale in the Trust’s account with the Cash Custodian for settlement with the Authorized Participant (taking into account
any spread, commission, or other trading costs).

The redemption distribution
due from the Trust is delivered to the XRP Counterparty on the Redemption Distribution Date (which is the next Business Day after
the redemption order is received) if the Trust’s DTC account has been credited with the Baskets to be redeemed. Once the Sponsor
determines that the Shares have been received in the Trust’s DTC account, the Sponsor authorizes the XRP Custodian to transfer
the redemption XRP amount from the Trust’s Custodian account to the XRP Counterparty for conversion to cash to be distributed to
the Authorized Participant upon settlement. To the extent the Shares associated with the redemption order are not received in the Trust’s
DTC account on the settlement date, the redemption order will be canceled.

Upon receipt of the redemption
distribution of XRP by the XRP Counterparty, the XRP Counterparty, as a counterparty to the Trust, shall convert the XRP associated with
the redemption order to cash for settlement with the Trust. Under most circumstances, this transfer of XRP will be made from the Trust’s
Cold Vault Balance with the XRP Custodian, although in some circumstances, XRP may be transferred from outside of cold storage.

To effectuate a redemption
order via an in-kind transaction, the Authorized Participant will deliver the necessary Shares to the Trust, and the Sponsor will instruct
the Prime Broker to deliver XRP to the account of the Authorized Participant or its designated agent’s account at the Prime Broker.

XRP held in the Trust’s
account with the XRP Custodian is the property of the Trust. The Trust, the Sponsor and the service providers will not loan or pledge
the Trust’s assets nor will the Trust’s assets serve as collateral for any loan or similar arrangement, other than in connection
with the Post-Trade Financing Agreement.

<div align='center'>92</div>

Determination of Redemption Distribution

The redemption distribution
for cash redemptions from the Trust consists of a transfer