Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 198

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 198
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 XRP in the case of an in-kind redemption.

To effectuate a redemption
order via a cash transaction, the Authorized Participant will be required to prefund a cash amount determined by the Sponsor to the Trust’s
account with the Transfer Agent no later than 2:00 pm ET on the sell order date or at another time as determined by the Sponsor.
Because the Shares associated with the redemption order may not be available at the time that the Authorized Participant places the redemption
order, the Sponsor may require cash to be pre-funded to cover related trading costs. The Shares associated with the redemption order
are due to be delivered to the Trust’s DTC account on the settlement date. Upon receipt of the required cash indicated in the redemption
order, the Sponsor, on behalf of the Trust, will instruct the XRP Counterparty to convert XRP into cash by effectuating an XRP sale executed,
in the Sponsor’s reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate NAV, and deposit the cash proceeds
of such sale in the Trust’s account with the Cash Custodian for settlement with the Authorized Participant (taking into account
any spread, commission, or other trading costs).

The redemption distribution
due from the Trust is delivered to the XRP Counterparty on the Redemption Distribution Date (which is the next Business Day after
the redemption order is received) if the Trust’s DTC account has been credited with the Baskets to be redeemed. Once the Sponsor
determines that the Shares have been received in the Trust’s DTC account, the Sponsor authorizes the XRP Custodians to transfer
the redemption XRP amount from the Trust’s accounts with the XRP Custodians to the XRP Counterparty for conversion to cash to be
distributed to the Authorized Participant upon settlement. To the extent the Shares associated with the redemption order are not received
in the Trust’s DTC account on the settlement date, the redemption order will be canceled.

Upon receipt of the redemption
distribution of XRP by the XRP Counterparty, the XRP Counterparty, as a counterparty to the Trust, shall convert the XRP associated with
the redemption order to cash for settlement with the Trust. Under most circumstances, this transfer of XRP will be made from the Trust’s
Cold Vault Balance with the XRP Custodians, although in some circumstances, XRP may be transferred from outside of cold storage.

To effectuate a redemption
order via an in-kind transaction, the Authorized Participant will