Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 51

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 51
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 applicable law or willful misconduct. The Coinbase Custodian
is not liable for delays, suspension of operations, failure in performance, or interruption of service to the extent it is directly due
to a cause or condition beyond the reasonable control of the Coinbase Custodian. In the event of potential losses incurred by the Trust
as a result of the Coinbase Custodian losing control of the Trust’s XRP or failing to properly execute instructions on behalf of
the Trust, the Coinbase Custodian’s liability with respect to the Trust will be subject to certain limitations which may allow
it to avoid liability for potential losses or may be insufficient to cover the value of such potential losses, even if the Coinbase Custodian
directly caused such losses. Furthermore, the insurance maintained by the Coinbase Custodian may be insufficient to cover its liabilities
to the Trust.

With respect to the BitGo
Custodial Services Agreement, the BitGo Custodian and its affiliates, including their officers, directors, agents, and employees, are
not liable for any lost profits, special, incidental, indirect, intangible, or consequential damages resulting from authorized or unauthorized
use of the Trust or Sponsor’s site or services. This includes damages arising from any contract, tort, negligence, strict liability,
or other legal grounds, even if the BitGo Custodian was previously advised of, knew, or should have known about the possibility of such
damages. However, this exclusion of liability does not extend to cases of the BitGo Custodian’s fraud, willful misconduct, or gross
negligence. In situations of gross negligence, the BitGo Custodian’s liability is specifically limited to the value of the digital
assets or fiat currency that were affected by the negligence. Additionally, the total liability of the BitGo Custodian for direct damages
is capped at the fees paid or payable to them under the relevant agreement during the twelve-month period immediately preceding the first
incident that caused the liability.

<div align='center'>23</div>

With respect to the Anchorage
Custody Agreement, except for the Anchorage Custodian’s bad acts, confidentiality obligations under the Anchorage Custody Agreement,
indemnification obligations under Anchorage Custody Agreement, or obligations with respect to rights to or limits on use under the Anchorage
Custody Agreement, the Anchorage Custodian is not liable for any losses, whether in contract, tort or otherwise, for any amount in excess
of fees paid by the Trust in the twelve (12) months prior