Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 243

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 243
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31, 2025 and December 31, 2024, and the results of its operations
and changes in its net assets for the period from January 1, 2025 through August 31, 2025, and for the period from December 20, 2024
(commencement of operations) through December 31, 2024, in conformity with accounting principles generally accepted in the United States
of America.

These financial statements are the responsibility
of the Trust’s management. Our responsibility is to express an opinion on the Trust’s financial statements based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and
are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement whether due to error or fraud. The Trust is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s
internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to
assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that
respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements. Our procedures included confirmation of digital assets owned as of August 31, 2025 and December 31, 2024, by correspondence
with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for
our opinion.

We have served as the Trust’s auditor since
2024.

COHEN & COMPANY, LTD.

Towson, Maryland

November 4, 2025

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21Shares XRP ETF

STATEMENTs oF
ASSETS AND LIABILITIES

(Express