Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 21

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 21
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 signatory.                                                                                      |

| ● | Audit                                                                                        
 Trails: Audit trails exist for all movement of XRP within XRP Custodian-controlled XRP       
 wallets and are audited annually for accuracy and completeness by independent external audit 
 firms.                                                                                       |

<div align='center'>7</div>

In addition to the above measures,
in accordance with the Custodial Services Agreements, XRP held in custody with the XRP Custodians will be segregated from both the proprietary
property of the XRP Custodians and the assets of any other customer in accounts that clearly identify the Trust as the owner of the accounts.
Therefore, in the event of an insolvency of the XRP Custodians, assets held in the segregated accounts would not become property of the
XRP Custodians’ estates and would not be available to satisfy claims of creditors of the XRP Custodians.

The XRP Custodians maintain
internal audit teams that performs periodic internal audits over custody operations. Systems and Organizational Control (“SOC”)
attestations are also performed on the XRP Custodians’ services. The SOC 1 Type 2 and SOC 2 Type 2 reports
produced cover private key management controls. A SOC 1 Type 2 report addresses the controls at a service organization that
are likely to be relevant to user entities’ internal control over financial reporting. A SOC 2 Type 2 report addresses
controls at a service organization relevant to security, availability, processing integrity, confidentiality, or privacy in order to
support users’ evaluations of their own systems of internal control.

The Transfer Agent will facilitate
the settlement of Shares in response to the placement of creation orders and redemption orders from Authorized Participants. The Trust
generally does not intend to hold cash or cash equivalents. However, there may be situations where the Trust will hold cash on a temporary
basis, including in connection with the creation and redemption process.

The Trust has entered into
the Cash Custody Agreement, pursuant to which the Cash Custodian will establish and maintain cash account(s) for the Trust and,
upon instructions from the Sponsor acting on behalf of the Trust, facilitate cash transfers and cash payments from the Trust’s
account(s).

For more information on the
Trust’s custody arrangements with the XRP Custodians and the Prime Broker, see “Custody of the Trust’s Assets”
and “Prime Broker” below.

NAV Determinations

As described in more detail
below in “NAV Determinations,” the