Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 182

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 182
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expenses of the Trust.

The Trust is currently not
aware of the maximum amount of Trade Credit, but such maximum amount of Trade Credit may exist at some point in the future.

The Lender is only required
to extend Trade Credits up to an authorized amount (the “Authorized Amount”) for use on the Prime Broker’s Trading
Platform. Once the Lender has approved the Trust to receive Trade Credits up to the Authorized Amount, the Trust may place orders up
to amounts up to the then-current amount available to the Trust to place orders (the “Available Balance”). The Authorized
Amount will be an amount to be determined, on a daily basis, based on the Lender’s sole discretion considering factors including,
but not limited to, availability of financing and credit due diligence of the Trust. The Lender is only required to extend Trade Credits
to the Trust to the extent such XRP or cash is actually available to the Lender. For example, if the Lender is unable to itself borrow
XRP to lend to the Trust as a Trade Credit, or there is a material market disruption (as determined by the Lender in good faith and in
its sole discretion), the Lender is not obligated to extend Trade Credits to the Trust. The Lender is under no obligation to continue
to provide Trade Credits for certain specific fiat currencies and/or digital assets, and Lender may impose black-out periods during which
Trade Credits for currencies or digital assets may be unavailable.

To the extent that Trade Credits
are not available, (1) there may be delays in the selling of XRP, (2) Trust assets may be in held the Trading Balance for a
longer duration than if Trade Credits were available, and (3) the execution price associated with such trades may deviate significantly
from the Pricing Benchmark price used to determine the Trust’s NAV. To the extent that the execution price for sales of XRP
deviates significantly from the Pricing Benchmark price used to determine the NAV of the Trust, the remaining Shareholders may be negatively
impacted. If Trade Credits are unavailable to the Trust, the Trust must pre-fund its Trading Balance with cash and/or XRP in order to
sell XRP through the Prime Broker.

The Trust generally must
repay Trade Credits by 6:00 p.m. ET (the “Settlement Deadline”) on the Business Day immediately following the day
the Trade Credit was extended by the Lender to the Trust (or, if such day is not a Business