Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 249

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 249
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 requiring
disclosure about significant holdings, contractual sale restrictions, and changes during the reporting period. ASU 2023-08 is effective
for annual and interim reporting periods beginning after December 15, 2024. Early adoption is permitted for both interim and annual financial
statements that have not yet been issued. The Trust adopted this new guidance with no material impact on its financial statements and
disclosures as the Trust uses fair value as its method of accounting for XRP in accordance with its classification as an investment company
for accounting purposes.

<div align='center'>F-10</div>

21Shares XRP ETF

Notes to the financial statements

(Expressed in United States Dollars)

| 3. | FAIR  
 VALUE |

The Trust’s assets recorded
at fair value have been categorized based upon a fair value hierarchy as described in the Trust’s significant accounting policies
in Note 2.

The following table presents
information about the Trust’s assets measured at fair value as of August 31, 2025:

| Assets (at fair value) |     | Level 1 |             |     | Level 2 |   |     | Level 3 |   |     | Total |             |
|:-----------------------|:----|:--------|------------:|:----|:--------|:--|:----|:--------|:--|:----|:------|------------:|
| Investment in XRP      |     | $       | 277,982,779 |     | $       | - |     | $       | - |     | $     | 277,982,779 |

The following table presents
information about the Trust’s assets measured at fair value as of December 31, 2024:

| Assets (at fair value) |     | Level 1 |             |     | Level 2 |   |     | Level 3 |   |     | Total |             |
|:-----------------------|:----|:--------|------------:|:----|:--------|:--|:----|:--------|:--|:----|:------|------------:|
| Investment in XRP      |     | $       | 209,510,000 |     | $       | - |     | $       | - |     | $     | 209,510,000 |

The following represents the
changes in quantity of XRP and the respective fair value on August 31, 2025:

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