Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 164

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 164
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 in its sole discretion, change the XRP Custodian for the
Trust’s XRP holdings, but it will have no obligation whatsoever to do so or to seek any particular terms for the Trust from other
such XRP custodians. Should the Sponsor choose to terminate an XRP Custodian, the Trust will notify Shareholders in a prospectus supplement
and/or a current report on Form 8-K or in its annual or quarterly reports.

<div align='center'>77

Prime BRoker</div>

Pursuant to the Prime Broker
Agreement, a portion of the Trust’s XRP holdings and cash holdings from time to time may be held with the Prime Broker, an affiliate
of the XRP Custodian, in the Trading Balance, in connection with the creation and redemption of Shares via cash transactions or to pay
for Trust Expenses not assumed by the Sponsor in consideration for the Sponsor Fee. The amount of XRP that may be held in the Trading
Balance will be limited to the amount necessary to process a given creation or redemption transaction, as applicable, or to pay for Trust
Expenses not assumed by the Sponsor in consideration for the Sponsor Fee.

The Sponsor may, in its sole
discretion, add or terminate prime brokers at any time. The Sponsor may, in its sole discretion, change the prime broker for the Trust,
but it will have no obligation whatsoever to do so or to seek any particular terms for the Trust from other such prime brokers.

These periodic holdings held
in the Trading Balance with the Prime Broker represent an omnibus claim on the Prime Broker’s XRP held on behalf of clients; these
holdings exist across a combination of omnibus hot wallets, omnibus cold wallets or in accounts in the Prime Broker’s name on a
trading venue (including third-party venues and the Prime Broker’s own execution venue) where the Prime Broker executes orders to
buy and sell XRP on behalf of clients (each such venue, a “Connected Trading Venue”). The Prime Broker is not required to
hold any of the XRP in the Trust’s Trading Balance in cold storage or to hold any such XRP in segregation, and neither the Trust
nor the Sponsor can control the method by which the Prime Broker holds the XRP credited to the Trust’s Trading Balance. Within the
Trust’s Trading Balance, the Prime Broker Agreement provides that the Trust does not have an identifiable claim to any particular
XRP (and cash). Instead, the Trust’s Trading Balance represents an entitlement to a