Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 174

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 174
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odial Services Agreement in the following cases: (i) either party reasonably determines,
following written advice of properly qualified counsel, that any part of the Services is or is likely to become in violation of applicable
Laws or raises material regulatory, risk, or reputational issues; (ii) either Party has acted fraudulently or made a willful misrepresentation;
(iii) the other Party files bankruptcy or is declared insolvent, or has an administrative or other receiver, manager, trustee, liquidator,
administrator, or similar officer appointed over all or any substantial part of its assets; or (iv) the other Party enters into or proposes
any composition or arrangement with its creditors generally; or (v) the other Party materially violates the confidentiality provisions
of the Anchorage Custodial Services Agreement.

The Trust’s Transfer
Agent will facilitate the settlement of Shares in response to the placement of creation orders and redemption orders from Authorized
Participants. The Trust generally does not intend to hold cash or cash equivalents. However, there may be situations where the Trust
will unexpectedly hold cash on a temporary basis, including in connection with the settlement of 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