Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 161

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 161
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 variance in market prices for XRP, the rate at which the Sponsor converts XRP to cash
may differ from the rate at which the Sponsor Fee was initially paid in XRP.

The XRP Custodians will
assume the transfer fees associated with the transfer of XRP to the Sponsor with respect to the Sponsor Fee, and any further expenses
associated with such transfer will be assumed by the Sponsor. The Trust shall not be responsible for any fees and expenses associated
with the transfer of XRP to pay the Sponsor Fee and Additional Trust Expenses, including any fees and expenses incurred by the Sponsor
to convert XRP received in payment of the Sponsor Fee into cash.

Pursuant to the Trust Agreement,
the Sponsor or its delegates will direct the XRP Custodians to transfer XRP from the Trust’s Cold Vault Balance as needed to pay
the Sponsor’s Fee and Additional Trust Expenses, if any. The Sponsor or its delegates will endeavor to transfer the smallest amount
of XRP needed to pay applicable expenses. The Sponsor, in arranging for payment of Additional Trust Expenses, may in its discretion direct
that the Trust’s XRP be exchanged for U.S. Dollars. Under such circumstances, the Trust will not utilize the XRP Custodians
to arrange for the sale of the Trust’s XRP to pay the Trust’s expenses and liabilities. Rather, the Sponsor will arrange
for the Prime Broker or another third-party digital asset trading platform to exchange the Trust’s XRP for U.S. dollars in
such a situation.

Termination of the Trust

The Sponsor will notify Shareholders
at least 30 days before the date for termination of the Trust Agreement and the Trust if any of the following occurs:

| ● | Shares                                                                                                                            
 are delisted from the Exchange and are not approved for listing on another national securities exchange within five Business Days 
 of their delisting;                                                                                                               |

| ● | 180 days                                                                                 
 have elapsed since the Trustee notified the Sponsor of the Trustee’s election to resign  
 or since the Sponsor removed the Trustee, and a successor trustee has not been appointed 
 and accepted its appointment;                                                            |

| ● | the SEC                                                                                    
 determines that the Trust is an investment company under the 1940 Act, and the Sponsor has 
 made the determination that termination of the Trust is advisable;                         |

| ● | the CFTC                                                                                                                              
 determines that the Trust is a commodity pool under the CEA, and the Sponsor has made the determination that termination of the Trust