Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 175

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 175
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 creation and redemption transactions.
The Trust’s cash and cash equivalents will be held at its account at the Cash Custodian, pursuant to the Cash Custody Agreement.

The Sponsor may, in its
sole discretion, add or terminate XRP custodians at any time. The Sponsor may, in its sole discretion, change the XRP Custodians 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.

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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 Coinbase 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