Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 104

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 104
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 reduces confidence in long-term viability or the ability of end-users to hold and transfer XRP may
adversely affect the value of the Shares. Additionally, a meritorious intellectual property rights claim could prevent the Trust from
operating and force the Sponsor to terminate the Trust and liquidate its XRP. As a result, an intellectual property rights claim
against the Trust could adversely affect the value of the Shares.

Shareholders may be adversely affected by the amendment of Trust Agreement Without Shareholder Consent.

Subject to certain exceptions
set forth in the Trust Agreement, the Trust Agreement can be amended by the Sponsor in its sole discretion and without the shareholders’
consent by making an amendment, an agreement supplemental to the Trust Agreement, or an amended and restated trust agreement, which amendments
may materially adversely affect the interests of the Shareholders.

Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust. The Sponsor and its affiliates have no fiduciary duties to the Trust and its shareholders other than as provided in the Trust Agreement, which may permit them to favor their own interests to the detriment of the Trust and its shareholders.

The Sponsor will manage the
affairs of the Trust. Conflicts of interest may arise among the Sponsor and its affiliates, on the one hand, and the Trust and its shareholders,
on the other hand. As a result of these conflicts, the Sponsor may favor its own interests and the interests of its affiliates over the
Trust and its shareholders. These potential conflicts include, among others, the following:

| ● | The Sponsor                                                                                                                         
 has no fiduciary duties to, and is allowed to take into account the interests of parties other than, the Trust and its shareholders 
 in resolving conflicts of interest, provided the Sponsor does not act in bad faith;                                                 |

| ● | The Trust                                                                               
 has agreed to indemnify the Sponsor and its affiliates pursuant to the Trust Agreement; |

| ● | The Sponsor                                                                                                                        
 is responsible for allocating its own limited resources among different clients and potential future business ventures, to each of 
 which it owes fiduciary duties;                                                                                                    |

| ● | The Sponsor                                                                                                                           
 and its staff also service affiliates of the Sponsor, including several other digital asset investment vehicles, and their respective 
 clients and cannot devote all of its, or their, respective time or resources to the management of the affairs of the Trust;           |

| ● | The Sponsor,                                                                                                                             
 its affiliates and their respective officers and employees are not prohibited from engaging in other