Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 98

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 98
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 value of the Trust’s XRP held by
the XRP Custodian at the time the events giving rise to the liability occurred and (ii) the fair market value of the Trust’s
XRP held by the XRP Custodian at the time that the XRP Custodian notifies the Sponsor or Trustee in writing, or the Sponsor or the Trustee
otherwise has actual knowledge of the events giving rise to the liability.

Under the Trust Agreement,
the Trustee and the Sponsor will not be liable for any liability or expense incurred absent gross negligence or willful misconduct on
the part of the Trustee or the Sponsor or breach by the Sponsor of the Trust Agreement, as the case may be. As a result, the recourse
of the Trust or the Shareholder to Trustee or the Sponsor may be limited.

The Benchmark Provider has
limited liability relating to the use of the Pricing Benchmark, impairing the ability of the Trust to recover losses relating to its use
of the Pricing Benchmark. The Benchmark Provider does not guarantee the accuracy, completeness, or performance of the Pricing Benchmark
or the data included therein and shall have no liability in connection with the Pricing Benchmark calculation, errors, omissions
or interruptions of the Pricing Benchmark or any data included therein. The Pricing Benchmark could be calculated now or in the future
in a way that adversely affects an investment in the Trust.

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The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor, the Trustee, the Administrator, the Transfer Agent, the XRP Custodian or the Prime Broker.

Each of the Sponsor, the Trustee,
the Administrator, the Transfer Agent, the XRP Custodian, and the Prime Broker has a right to be indemnified by the Trust for certain
liabilities or expenses that it incurs without gross negligence, bad faith or willful misconduct on its part. Therefore, the Sponsor,
the Trustee, the Administrator, the Transfer Agent, the XRP Custodian or the Prime Broker may require that the assets of the Trust be
sold in order to cover losses or liability suffered by it. Any sale of that kind would reduce the XRP holdings of the Trust and the value
of the Shares.

Intellectual property rights claims may adversely affect the Trust and the value of the Shares.

The Sponsor is not aware of
any intellectual property rights claims that may prevent the Trust from operating and holding XRP. However, third parties may assert
intellectual property rights claims