Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 189

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 189
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 through trading systems, in the OTC market or in transactions
other than on these exchanges or systems at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined
at the time of sale, or at negotiated prices. These sales may be effected through brokerage transactions, privately negotiated trades,
block sales, entry into options or other derivatives transactions or through any other means authorized by applicable law. A Selling
Shareholder may redeem Shares held in Basket size through an Authorized Participant. See “Conflicts of Interest.”

Lock-Up Period

As of the date of this
Prospectus, Ripple Markets, Inc. (“Ripple Markets”) holds 10,000,000 Shares. For a period beginning December 17, 2024 and
lasting two (2) years thereafter (such period, the “Lock-up Period”), Ripple Markets has agreed that it shall not, without
the prior written consent of the Sponsor, sell, transfer, assign, pledge, hypothecate or otherwise dispose of any of the Shares it holds,
nor will Ripple Markets seek to have the Trust or the Sponsor redeem the Shares during the Lock-up Period. Following expiration of the
Lock-up Period, Ripple Markets may, to the extent permitted by applicable laws, be permitted to redeem Shares in accordance with the
Trust Agreement.

Registration Rights Agreement

In connection with the
Ripple Subscription Agreement, the Trust and Ripple Markets entered into a registration rights agreement, dated December 17, 2024 (the
“Registration Rights Agreement”). Under the Registration Rights Agreement, the Trust has agreed to file an S-3 registration
statement if requested by Ripple Markets after the Lock-up Period expires. The Trust must file within sixty days of the Sponsor receiving
Ripple Markets’ written request.

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CREATION AND REDEMPTION OF SHARES</div>

The Trust creates and redeems
Shares from time to time, but only in one or more Baskets. Baskets are only made in exchange for delivery to the Trust or the distribution
by the Trust, in the event of an in-kind transaction, the amount of XRP represented by the Baskets being created or redeemed, or in the
event of a cash transaction, the amount of cash equivalent to the amount of XRP represented by the Baskets being created or redeemed,
the amount of which is based on the quantity of XRP attributable to each Share of the Trust (net of accrued but unpaid Sponsor Fees and
any accrued but unpaid extraordinary expenses or liabilities