Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 124

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 124
---
 up/limit down” rules that require trading to be halted or paused for a specified period
based on a specified market decline. Additionally, there can be no assurance that the requirements necessary to maintain the listing
of the Trust’s Shares will continue to be met or will remain unchanged.

The liquidity of the Shares may also be affected by the withdrawal from participation of Authorized Participants, which could adversely affect the market price of the Shares.

In the event that one or more
Authorized Participants or market makers that have substantial interests in the Trust’s Shares withdraw or “step away”
from participation in the purchase (creation) or sale (redemption) of the Trust’s Shares, the liquidity of the Shares will likely
decrease, which could adversely affect the market price of the Shares and result in Shareholders incurring a loss on their investment.

The market infrastructure of the XRP spot market could result in the absence of active Authorized Participants able to support the trading activity of the Trust, which would affect the liquidity of the Shares in the secondary market and make it difficult to dispose of Shares.

XRP is extremely volatile,
and concerns exist about the stability, reliability and robustness of many spot markets where XRP trade. In a highly volatile market,
or if one or more spot markets supporting the XRP market faces an issue, it could be extremely challenging for any Authorized Participants
to provide continuous liquidity in the Shares. There can be no guarantee that the Sponsor will be able to find an Authorized Participant
to actively and continuously support the Trust.

Shareholders that are not Authorized Participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect Shareholders’ investment in the Shares.

Only Authorized Participants
may create or redeem Baskets. All other Shareholders that desire to purchase or sell Shares must do so through the Exchange or in other
markets, if any, in which the Shares may be traded. Shares may trade at a premium or discount to the NAV per Share or the Principal Market
NAV per Share.

The Sponsor relies heavily on key personnel. The departure of any such key personnel could negatively impact the Trust’s operations and adversely impact an investment in the Trust.

The Sponsor relies heavily
on key personnel to manage its activities. These key personnel intend to allocate their time managing the Trust in a manner that they
deem appropriate. If such key personnel were to leave or be unable to carry out their present responsibilities, it may have an adverse
effect on the management of the Sponsor.

Shareholders