Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 176

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 176
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in the 1933 Act, will be occurring. Authorized Participants, other broker-dealers and other persons are cautioned that some of their
activities may result in their being deemed participants in a distribution in a manner that would render them statutory underwriters
and subject them to the prospectus-delivery and liability provisions of the 1933 Act. Any purchaser who purchases Shares with a view
towards distribution of such Shares may be deemed to be a statutory underwriter. In addition, an Authorized Participant, other broker-dealer
firm or its client will be deemed a statutory underwriter if it purchases a Basket from the Trust, breaks the Basket down into the constituent
Shares and sells the Shares to its customers; or if it chooses to couple the creation of a supply of new Shares with an active selling
effort involving solicitation of secondary market demand for the Shares. In contrast, Authorized Participants may engage in secondary
market or other transactions in Shares that would not be deemed “underwriting.” For example, an Authorized Participant may
act in the capacity of a broker or dealer with respect to Shares that were previously distributed by other Authorized Participants. A
determination of whether a particular market participant is an underwriter must take into account all the facts and circumstances pertaining
to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered
a complete description of all the activities that would lead to designation as an underwriter and subject them to the prospectus-delivery
and liability provisions of the 1933 Act.

Dealers who are neither Authorized
Participants nor “underwriters” but are nonetheless participating in a distribution (as contrasted to ordinary secondary trading
transactions), and thus dealing with Shares that are part of an “unsold allotment” within the meaning of Section 4(a)(3)(C) of
the 1933 Act, would be unable to take advantage of the prospectus-delivery exemption provided by Section 4(a)(3) of the 1933
Act.

While the Authorized Participants
may be indemnified by the Sponsor, they will not be entitled to receive a discount or commission from the Trust or the Sponsor for their
purchases of Baskets.

Initial Seed Creation Investor; Selling Shareholders

The Sponsor or its affiliates,
or a fund or unit investment trust for which the Sponsor or an affiliate of the Sponsor serves as sponsor or investment advisor, may
purchase Shares of the Trust through a broker-dealer or other investors, including in secondary