Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 102

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 102
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 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 relating to the operation of the Trust and the mechanics instituted for the investment in, holding
of and transfer of XRP. Regardless of the merit of an intellectual property or other legal action, any legal expenses to defend
or payments to settle such claims would be extraordinary expenses that would be borne by the Trust through the sale or transfer of its
XRP and any threatened action that reduces confidence in long-term viability or the ability of end-users to hold and transfer XRP may
adversely affect the value of the Shares. Additionally, a meritorious intellectual property rights claim could prevent the Trust from
operating and force the Sponsor to terminate the Trust and liquidate its XRP. As a result, an intellectual property rights claim
against the Trust could adversely affect the value of the Shares.

Shareholders may be adversely affected by the amendment of Trust Agreement Without Shareholder Consent.

Subject to certain exceptions
set forth in the Trust Agreement, the Trust Agreement can be amended by the Sponsor in its sole discretion and without the shareholders’
consent by making an amendment, an agreement supplemental to the Trust Agreement, or an amended and restated trust agreement, which amendments
may materially adversely affect the interests of the Shareholders.

Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust. The Sponsor and its affiliates have no fiduciary duties to the Trust and its shareholders other than as provided in the Trust Agreement, which may permit them to favor their own interests to the detriment of the Trust and its shareholders.

The Sponsor will manage the
affairs of the Trust. Conflicts of interest may arise among the Sponsor and its affiliates, on the one hand, and the Trust and its shareholders,
on the other hand. As a result of these conflicts, the Sponsor may favor its own interests and the interests of its affiliates over the
Trust and its shareholders. These potential conflicts include, among others, the following:

| ● | The Sponsor                                                                                                                         
 has no fiduciary duties to, and is allowed to take into account the interests of parties other than, the Trust and its shareholders 
 in resolving conflicts of interest,