Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 150

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 150
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.m. ET and almost always by 8:00 p.m.
EST). The pause between 4:00 p.m. ET and 5:30 p.m. ET (or later) provides an opportunity for the Administrator to algorithmically
detect, flag, investigate, and correct unusual pricing should it occur. Any such correction could adversely affect the value of the Shares.
If the Pricing Benchmark is not available, or if the Sponsor determines in good faith that the Pricing Benchmark does not reflect an
accurate XRP price, then the Administrator will determine NAV by reference to the Trust’s principal market. There are no predefined
criteria to make a good faith assessment as to which of the rules the Sponsor will apply, and the Sponsor may make this determination
in its sole discretion.

In addition, in order to provide
updated information relating to the Trust for use by Shareholders and market professionals, [●] will calculate and disseminate throughout
the core trading session on each trading day an updated intraday indicative value (“IIV”). The IIV will be
calculated by using the prior day’s closing NAV as a base and updating that value during the trading day based off
of more recent XRP pricing information to reflect any changes in the value of the Trust’s underlying assets and, therefore, the
Trust’s NAV.

The Trust is subject to the
risk that the Administrator may calculate the Pricing Benchmark in a manner that ultimately inaccurately reflects the price of XRP. To
the extent that the NAV, Principal Market NAV, the Pricing Benchmark, the Administrator’s or the Sponsor’s other valuation
methodology are incorrectly calculated, neither the Sponsor, the Administrator nor the Trustee will be liable for any error and such misreporting
of valuation data could adversely affect the value of the Shares and investors could suffer a substantial loss on their investment in
the Trust. Moreover, the terms of the Trust Agreement do not prohibit the Sponsor from changing the Pricing Benchmark or other valuation
method used to calculate the NAV and Principal Market NAV of the Trust. Any such change in the Pricing Benchmark or other valuation method
could affect the value of the Shares and investors could suffer a substantial loss on their investment in the Trust.

The IIV disseminated during
the Exchange core trading session hours should not be viewed as an actual real time update of the NAV, because NAV per Share is calculated
only once at the end of each trading day based upon the relevant end of day values of the Trust’s investments. The IIV
will be disse