Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 242

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 242
---
431,430 |   |     |                     |           - |   |
| Net change in unrealized appreciation (depreciation) on investment in XRP |     |                 | 71,849,122 |   |     |                     | (11,166,000 | ) |
| Net change in unrealized appreciation (depreciation)                      
 on sponsor fee payable                                                    |     |                 |    (34,843 | ) |     |                     |       5,386 |   |
| Net realized and change in unrealized gain (loss)                         |     |                 | 72,245,709 |   |     |                     | (11,160,614 | ) |
| Net increase in net assets resulting from operations                      |     |               $ | 68,118,560 |   |     |                   $ | (11,323,810 | ) |

<div align='center'>The accompanying notes
are an integral part of the financial statements.

F-5</div>

21Shares XRP ETF

STATEMENTs
oF CHANGES IN NET ASSETS

(Expressed in United States Dollars)

|                                                                             |     |  For the period 
 January 1, 2025 |             |   |     |      For the period 
   December 20, 2024 
    (commencement of |             |   |
|:----------------------------------------------------------------------------|:----|----------------:|------------:|:--|:----|--------------------:|------------:|:--|
|                                                                             |     |         through |             |   |     | operations) through |             |   |
|                                                                             |     |      August 31, |             |   |     |        December 31, |             |   |
|                                                                             |     |            2025 |             |   |     |                2024 |             |   |
| Net assets, beginning of period                                             |     |               $ | 209,352,190 |   |     |                   $ |           - |   |
| Contributions for Shares issued                                             |     |                 |           - |   |     |                     | 220,676,000 |   |
| Net investment loss                                                         |     |                 |  (4,127,149 | ) |     |                     |    (163,196 | ) |
| Net realized gain on investment in XRP sold to pay sponsor fee              |     |                 |     431,430 |   |     |                     |           - |