Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 14

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 14
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Prospectus, the Prime Broker, Coinbase, Inc. and the Lender, Coinbase Credit, Inc., serve as XRP Counterparties, among others. The
Trust and/or the Sponsor will bear the expense and risk of delivery and ownership of XRP once such XRP has been received by the XRP Custodians
on behalf of the Trust and until transferred by the XRP Custodians on behalf of the Trust to the XRP Counterparties for conversion to
cash.

All of the Trust’s XRP
will be held by the XRP Custodians. The Transfer Agent will facilitate the processing of purchase and sale orders in Baskets to and from
the Trust.

CME CF XRP—Dollar Reference Rate — New York Variant (XRPUSD_NY)

The Pricing Benchmark was
introduced on September 16, 2024. The Benchmark Provider is the administrator of the Pricing Benchmark. The Pricing Benchmark is calculated
daily.

The Sponsor believes that
the use of the Pricing Benchmark is reflective of a reasonable valuation of the average spot price of XRP and that resistance to manipulation
is a priority aim of its design methodology. The methodology: (i) takes an observation period and divides it into equal partitions
of time; (ii) then calculates the volume-weighted median of all transactions within each partition; and (iii) the value is
determined from the arithmetic mean of the volume-weighted medians, equally weighted. By employing the foregoing steps, the Pricing Benchmark
thereby seeks to ensure that transactions in XRP conducted at outlying prices do not have an undue effect on the value of a specific
partition, large trades or clusters of trades transacted over a short period of time will not have an undue influence on the index or
benchmark level, as applicable, and the effect of large trades at prices that deviate from the prevailing price are mitigated from having
an undue influence on the benchmark level.

In addition, the Sponsor notes
that an oversight function is implemented by the Benchmark Provider in seeking to ensure that the Pricing Benchmark is administered through
codified policies for Pricing Benchmark integrity, which include a conflicts of interest policy, a control framework, an accountability
framework, and an input data policy. It is also subject to the UK Benchmarks Regulation (“BMR”), compliance with which regulations
has been subject to a Limited Assurance Audit under the ISAE 3000 standards of September 12, 2022.

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