Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 139

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 139
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 the same constituent XRP exchanges, except
that the Pricing Benchmark is calculated as of 4:00 p.m. ET, whereas the XRR is calculated as of 4:00 p.m. London time. The
Benchmark Provider is the administrator of the Pricing Benchmark. The Trust also uses the Pricing Benchmark to calculate its NAV, which
is the aggregate U.S. Dollar value of XRP in the Trust, based on the Pricing Benchmark, less its liabilities and expenses. “NAV
per Share” is calculated by dividing NAV by the number of Shares currently outstanding. NAV and NAV per Share are not measures calculated
in accordance with GAAP. NAV is not intended to be a substitute for the Trust’s Principal Market NAV calculated in accordance
with GAAP, and NAV per Share is not intended to be a substitute for the Trust’s Principal Market NAV per Share calculated in accordance
with GAAP.

The Pricing Benchmark was created
to facilitate financial products based on XRP. provides a USD-denominated reference rate for the spot price of XRP. The Pricing Benchmark
leverages real-time prices from multiple constituent exchanges (the “Constituent Exchanges”) to provide a representative spot
price. Each constituent exchange is weighted proportionally to its trailing 24-hour liquidity with adjustments for price variance and
inactivity.

As of [●], 2025,
the Constituent Exchanges included in [●] that is utilized by the Trust are [●], [●], [●], [●], [●],
and [●].

[Coinbase provides a platform
for people to engage with digital assets through trading, staking, and other activities. Kraken also provides a platform for people to
engage with digital assets with accessible trading and investment options. Coinbase operates as a remote-first company and has no physical
headquarters. Kraken’s headquarters are located in San Francisco, California. While each of the Constituent Exchanges is subject
to a range of federal and state laws regarding various aspects of their functioning, neither of the Constituent Exchanges is currently
registered with the SEC as a national securities exchange, broker-dealer or clearing agency. Further information regarding the domicile,
regulation and legal compliance of the Constituent Exchanges may be found, where available, on the websites for such Constituent Exchanges
and public registers for compliance with local regulations, among other places.]

An oversight function is implemented
by the Benchmark Provider in seeking to ensure that the Pricing Benchmark is administered through the Benchmark Provider’s codified