Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 38

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 38
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 or recommendations of the task force and this executive order or future governmental actions may impact the status of XRP or any other digital asset as being offered and sold as a “security” or how XRP or the Trust would be treated under any new or revised regulatory framework.

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The trading prices of many digital assets, including XRP, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further decline in the trading prices of XRP, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.

The trading prices of many digital assets, including XRP, have experienced extreme volatility in recent periods and may continue to do so. Several factors may affect the price of XRP, including, but not limited to, supply and demand, investors’ expectations with respect to the rate of inflation, interest rates, currency exchange rates or future regulatory measures (if any) that restrict the trading of XRP or the use of XRP as a form of payment. The issuance of XRP is determined by a computer code, not by a central bank, and prices can be extremely volatile. For instance, there were steep increases in the value of certain digital assets, including XRP, over the course of 2021, and multiple market observers asserted that digital assets were experiencing a “bubble.” These increases were followed by steep drawdowns throughout 2022 in digital asset trading prices, including for XRP. These episodes of rapid price appreciation followed by steep drawdowns have occurred multiple times throughout XRP’s history, including throughout the course of the past few years. During the period from January 1, 2021 to December 31, 2021, and the three years subsequent thereto, the closing of price of XRP ranged from $0.2258 to $1.8392 during 2021, marking a drawdown of 87.73%, from $0.3080 to $0.8781 during 2022, marking a drawdown of 64.93%, from $0.3380 to $0.8206 during 2023, marking a drawdown of 58.81%, and from $0.4198 to $2.1738 during 2024, marking a drawdown of.81.69% XRP prices have continued to exhibit volatility during calendar year 2025. During the three quarters ending September 30