Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 221

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 221
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 airdrops, metacoins, colored coins, side chains, or other derivative, enhanced or forked protocols, tokens or coins, which supplement or interact with XRP.

Under the Trust Agreement,
the Sponsor has the right, in its sole discretion, to determine what action to take in connection with the Trust’s entitlement
to or ownership of Incidental Rights or any IR Virtual Currency, and Trust may take any lawful action necessary or desirable in connection
with the Trust’s ownership of Incidental Rights, including the acquisition of IR Virtual Currency, as determined by the Sponsor
in the Sponsor’s sole discretion, unless such action would adversely affect the status of the Trust as a grantor trust for U.S.
federal income tax purposes or otherwise be prohibited by the Trust Agreement.

With respect to any fork, airdrop or similar event, the Sponsor will cause the Trust to irrevocably abandon the Incidental Rights or IR Virtual Currency. In the event the Trust seeks to change this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules.

Under each of the Custodial
Services Agreements, the XRP Custodians’ liability is limited. With respect to the Coinbase Custodial Services Agreement, the Coinbase
Custodian’s liability is as follows, among others: (i) other than with respect to claims and losses arising from spot trading
of XRP, fraud, willful misconduct, and the Mutually Capped Liabilities, the Coinbase Custodian’s aggregate liability under the
Coinbase Custodial Services Agreement shall not exceed the greater of (A) the greater of (x) $100 million and (y) the
aggregate fees paid by the Trust to the Coinbase Custodian in the 12 months prior to the event giving rise to the Coinbase Custodian’s
liability, and (B) the value of the affected XRP or cash giving rise to the Coinbase Custodian’s liability; (ii) the
Coinbase Custodian’s aggregate liability in respect of each cold storage address shall not exceed $100 million; (iii) in
respect of the Coinbase Custodian’s obligations to indemnify the Trust and its affiliates against third-party claims and losses
to the extent arising out of or relating to, among others, the Coinbase Custodian’s Mutually Capped Liabilities, the Coinbase Custodian’s
liability shall not exceed the greater of (A) $5 million and (B) the aggregate fees paid by the Trust to the