Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 168

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 168
---
 to circumvent the Prime Broker’s controls or
uses the Prime Broker’s services in a manner the Prime Broker otherwise deems inappropriate or potentially harmful to itself or
third parties, and Trust fails to provide the Prime Broker written evidence reasonably acceptable to the Prime Broker of Trust’s
non-circumvention of such controls within three (3) Business Days following written notice from the Prime Broker.

The Trust may terminate this
Prime Broker Agreement upon prior notice to the Prime Broker upon an event which constitutes “Coinbase Cause.” “Coinbase
Cause” means (i) the Prime Broker takes any action to dissolve or liquidate, in whole or part; (ii) the Prime Broker becomes
insolvent, makes an assignment for the benefit of creditors, becomes subject to direct control of a trustee, receiver or similar authority;
(iii) the Prime Broker becomes subject to any bankruptcy or insolvency proceeding under any applicable laws, rules and regulations,
such termination being effective immediately upon any declaration of bankruptcy; or (iv) termination is required pursuant to a court
order or binding order of a government authority.

A decision by the Prime
Broker or the XRP Custodian to take certain actions, including suspending, restricting or terminating the Trust’s accounts
covered under the Prime Broker Agreement, may be based on confidential criteria that are essential to the Prime Broker’s risk
management and security practices and agrees that the Prime Broker and the XRP Custodian are under no obligation to disclose the
details of its risk management and security practices to the Trust. The parent company of the XRP Custodian and Prime Broker,
Coinbase Global, Inc. (“Coinbase Global”) maintains a commercial crime insurance policy, which is intended to cover the
loss of client assets held by Coinbase Global and all of its subsidiaries, including the XRP Custodian and the Prime Broker
(collectively, Coinbase Global and its subsidiaries are referred to as the “Coinbase Insureds”). This policy covers the
loss of client assets held by the XRP Custodian and Prime Broker, including from employee collusion or fraud, physical loss
including theft, damage of key material, security breach or hack and fraudulent transfer. The insurance maintained by the Coinbase
Insureds is shared among all of their customers, is not specific to the Trust or to customers holding XRP with the XRP Custodian or
Prime Broker and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.

<div align='center'>79</div>

Under