Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 203

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 203
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 Distribution – the Ripple Subscription Agreement.” Jon Bilich holds ultimate dispositive and voting power of the Shares held by Ripple
Markets by virtue of Mr. Bilich’s position as Chief Financial Officer of Ripple Labs, the parent company of Ripple Markets. The
business address of Mr. Bilich is 600 Battery Street, San Francisco, California 94111.

All Shares are fully paid
and non-assessable. No Share will have any priority or preference over any other Share of the Trust. All distributions, if any, will
be made ratably among all Shareholders from the assets of the Trust according to the number of Shares held of record by such Shareholders
on the record date for any distribution or on the date of termination of the Trust, as the case may be. Except as otherwise provided
by the Sponsor, Shareholders will have no preemptive or other right to subscribe to any additional Shares or other securities issued
by the Trust.

The Sponsor will have full
power and authority, in its sole discretion, without seeking the approval of the Trustee or the Shareholders (a) to establish and
designate and to change in any manner and to fix such preferences, voting powers, rights, duties and privileges of the Trust as the Sponsor
may from time to time determine, (b) to authorize the division of the beneficial interest in the Trust into an unlimited amount
of Shares, with or without par value, as the Sponsor will determine, (c) to authorize the issuance of Shares without limitation
as to number (including fractional Shares), to such persons and for such amount of consideration, subject to any restriction set forth
in the Trust Agreement, if any, at such time or times and on such terms as the Sponsor may deem appropriate, (d) to authorize the
division or combination of the Shares into a greater or lesser number without thereby materially changing the proportionate beneficial
interest of the Shares in the assets held, and (e) to take such other action with respect to the Shares as the Sponsor may deem
desirable. The ownership of Shares will be recorded on the books of the Trust or a transfer or similar agent for the Trust. No certificates
certifying the ownership of Shares will be issued except as the Sponsor may otherwise determine from time to time. The Sponsor may make
such rules as it considers appropriate for the issuance of share certificates, transfer of Shares and similar matters. The record books
of the Trust as kept by the Trust, or any transfer or similar agent,