Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 193

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 193
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 to an XRP Counterparty of an amount of XRP equal to the NAV of the Trust multiplied
by the number of Shares to be redeemed under the redemption order, with such amount of XRP to be converted by the Trust to cash for settlement
with the redeeming Authorized Participant. The redemption distribution for in-kind redemptions from the Trust consists of a transfer
to the Authorized Participant or its designated agent of an amount of XRP equal to the NAV of the Trust multiplied by the number of Shares
to be redeemed under the redemption order.

Delivery of Redemption Distribution

In the case of a cash redemption,
the Trust, through the Cash Custodian, will deliver cash to the Authorized Participants when they redeem Shares with the Trust. This
distribution of cash will be delivered to the Authorized Participant on the Business Day following the Redemption Order Date if,
by 2:00 p.m. ET, on such Business Day (or another time as determined by Sponsor), the Trust’s DTC account has been credited
with the baskets to be redeemed. If the Trust’s DTC account has not been credited with all of the baskets to be redeemed by such
time, the redemption distribution will also be delayed. In the case of an in-kind redemption, the Trust will deliver XRP to the Authorized
Participants (or their designated agents) when they redeem Shares with the Trust. This distribution of XRP will be delivered to the Authorized
Participant (or its designated agent) on the Business Day following the Redemption Order Date if, by 2:00 p.m. ET on such Business Day
(or another time as determined by Sponsor), the Trust’s DTC account has been credited with the baskets to be redeemed by such time.
If the Trust’s DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution
will also be delayed.

Suspension or Rejection of Redemption Orders

The Sponsor may, in its discretion,
suspend the right of redemption, or postpone the redemption settlement date, (1) for any period during which the Exchange is closed
other than customary weekend or holiday closings, or trading on the Exchange is suspended or restricted, (2) for any period during
which an emergency exists as a result of which delivery, disposal or evaluation of XRP is not reasonably practicable, or (3) for
such other period as the Sponsor determines to be necessary for the protection of the Shareholders. For example, the Sponsor may determine
that it is necessary to suspend