Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 25

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 25
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 Shareholder of these Shares. The Sponsor will not receive from the Trust or any of its affiliates any fee or other compensation
in connection with the resale of these Shares.

The Trust and/or Sponsor will
bear the expense and risk of delivery and ownership of XRP once such XRP has been received by the XRP Custodian on behalf of the Trust
and until transferred by the XRP Custodian on behalf of the Trust to the XRP Counterparty for conversion to cash.

Only Authorized Participants
may purchase Shares from or redeem Shares to the Trust. 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 may do so at a premium or discount relative
to the NAV of the Shares of the Trust.

Shareholders who decide to
buy or sell Shares of the Trust will place their trade orders through their brokers and will incur customary brokerage commissions and
charges. Prior to this offering, there has been no public market for the Shares. The Shares are expected to be listed for trading, subject
to notice of issuance, on the Exchange under the ticker symbol “[●]”.

The Sponsor may enter into
marketing support arrangements with respect to the Trust, to which the Trust would not be party. Any fees under such agreements would
be payable by the Sponsor, as applicable, and not by the Trust.

Federal Income Tax Considerations

It is expected that an
owner of Shares will be treated, for U.S. federal income tax purposes, as if they owned a proportionate share of the assets of the
Trust. A shareholder will accordingly include in the computation of their taxable income their proportionate share of the income and
expenses realized by the Trust. Each sale or other disposition of XRP by the Trust (including, under current Internal Revenue Service
(“IRS”) guidance, the use or sale of XRP to pay expenses of the Trust) will give rise to gain or loss, and will therefore
constitute a taxable event for Shareholders. See “United States Federal Income Tax Consequences — Taxation of U.S. Shareholders.”

Use of Proceeds

Proceeds received by the Trust
from the issuance of Baskets consist of XRP. Such deposits are held by the XRP Custodian on behalf of the Trust until (i) delivered
out in connection with redem