Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 4

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 4
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 in-kind, the Trust, through an XRP Custodian, will deliver XRP to the Authorized Participant,
or a designated agent thereof, in exchange for its Shares.

The XRP Counterparty is a
designated third party with whom the Sponsor has entered into an agreement on behalf of the Trust that will deliver, receive or convert
to U.S. dollars the XRP related to an Authorized Participant’s cash creation or redemption orders. The Sponsor performs extensive
due diligence as part of its XRP Counterparty selection and onboarding process. As part of this process, the Sponsor assesses XRP Counterparty
candidates against various criteria, including those relating to candidates’ (1) financial standing, (2) reputation, (3) settlement
history with the Sponsor, and (4) their regulatory oversight. The Trust will create Shares by receiving XRP from an XRP Counterparty
that is not an Authorized Participant, and the Trust — not the Authorized Participant — is responsible
for selecting the XRP Counterparty to deliver the XRP. Further, the XRP Counterparty will not be acting as an agent of an Authorized
Participant with respect to the delivery of the XRP to the Trust or acting at the direction of the Authorized Participant with respect
to the delivery of the XRP to the Trust. The XRP Counterparty is not contractually obligated to participate in cash orders for creations
or redemptions.

Authorized Participants may
then offer Shares to the public at prices that depend on various factors, including the supply and demand for Shares, the value of the
Trust’s assets, and market conditions at the time of a transaction. Shareholders who buy or sell Shares during the day from
their broker on the secondary market may do so at a premium or discount relative to the NAV of the Shares of the Trust.

Except when aggregated in Baskets, Shares are not redeemable securities. Baskets are only redeemable by Authorized Participants.

On December 6, 2025, the
Pricing Benchmark was $2.03.

21Shares US LLC (in such capacity,
the “Initial Seed Creation Investor”), is expected to purchase initial seed creation baskets comprising 20,000 Shares (the
“Initial Seed Creation Baskets”) at a price of $25.00 per Share. The proceeds from such sale are anticipated to be approximately
$500,000.00. Such proceeds are expected to be used by the Trust to purchase XRP at or immediately prior to the listing of the Shares
on the Exchange