Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 17

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 17
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” or similarly secure technology (the “Cold Vault Balance”), with any remainder of the Vault Balance held as
a “Hot Vault Balance.” All of the Trust’s assets and private keys will be held in cold storage of the XRP Custodians
on an ongoing basis, but a portion of the Trust’s assets may be held in hot trading wallets, from time to time, in connection with
the settlement of a creation or redemption transaction.

After diligence investigation,
the Sponsor believes that the XRP Custodian’s policies, procedures, and controls for safekeeping, exclusively possessing, and controlling
the Trust’s XRP holdings are consistent with industry best practices to protect against theft, loss, and unauthorized and accidental
use of the private keys.

Although the XRP Custodians
carry insurance, the XRP Custodians’ insurance does not cover any loss in value to XRP and only covers losses caused by certain
events such as fraud or theft and, in such covered events, it is unlikely the insurance would cover the full amount of any losses incurred
by the Trust. The insurance maintained by each XRP Custodians is shared among all of such XRP Custodian’s customers, is not specific
to the Trust or to customers holding XRP with such XRP Custodian, and may not be available or sufficient to protect the Trust from all
possible losses or sources of losses.

For more information on the
XRP Custodians, see “Custody of the Trust’s Assets” below.

The Marketing Agent

Foreside Global Services,
LLC (the “Marketing Agent”) is responsible for reviewing and approving the marketing materials prepared by the Sponsor for
compliance with applicable SEC and Financial Industry Regulatory Authority (“FINRA”) advertising laws, rules, and regulations.

The Trust’s Fees and Expenses

The
Trust will pay the unitary Sponsor Fee of 0.30% of the Trust’s NAV (the “Sponsor
Fee”). The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services
performed under the Trust Agreement.

The
Sponsor Fee will accrue daily and will be payable in XRP weekly in arrears. The Administrator
will calculate the Sponsor Fee on a daily basis by applying a 0.30% annualized rate to the
Trust’s NAV and the amount of XRP payable in respect of each daily accrual shall be
determined by reference to the Pricing Benchmark. The Sponsor has agreed to pay all operating
expenses (except for