Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 13

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 13
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,
who will sell the XRP to be executed, in the Sponsor’s reasonable efforts, at the Pricing Benchmark price used by the Trust to
calculate the Trust’s net asset value (“NAV”), taking into account any spread, commissions, or other trading costs
and deposit the cash proceeds of such sale in the Trust’s account with the Cash Custodian for settlement with the Authorized Participant.
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. Authorized Participants may also redeem Shares in-kind.
When such an Authorized Participant redeems Shares in-kind, the Trust, through the XRP Custodians, will deliver XRP to the Authorized
Participant, or a designated agent thereof, in exchange for its Shares.

<div align='center'>2</div>

The XRP Counterparty is a
designated third party with whom the Sponsor has entered into an agreement on behalf of the Trust that will deliver, receive or convert
to U.S. dollars the XRP related to an Authorized Participant’s cash creation or redemption order. In connection with cash
creation orders, the Trust will create Shares by receiving XRP from an XRP Counterparty that is not an Authorized Participant, and the
Trust — not the Authorized Participant — is responsible for selecting the XRP Counterparty to deliver
the XRP. Further, the XRP Counterparty will not be acting as an agent of the Authorized Participant with respect to the delivery
of the XRP to the Trust or acting at the direction of the Authorized Participant with respect to the delivery of the XRP to the Trust.
The XRP Counterparty is not contractually obligated to participate in cash orders for creations.

In connection with XRP redemption
orders, the Trust will redeem Shares by delivering XRP to an XRP Counterparty that is not an Authorized Participant and the Trust — not
the Authorized Participant — is responsible for selecting the XRP Counterparty to receive the XRP. Further, the
XRP Counterparty will not be acting as an agent of the Authorized Participant with respect to the receipt of the XRP from the Trust.
The XRP Counterparty is not contractually obligated to participate in cash orders for redemptions.

As of the date of this Prospectus,
the Authorized Participants are Jane Street Capital, LLC, Macquarie Capital (USA) Inc. and Virtu Americas LLC. As of the date of this