Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 220

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 220
---
 access to full private keys.

The XRP Custodians’ internal audit team performs periodic internal audits over custody operations, and the XRP Custodians have represented that Systems and Organizational Control (“SOC”) attestations covering private key management controls are also performed on the XRP Custodians by an external provider.

The XRP Custodians maintain
commercial crime insurance policies, which are intended to cover the loss of client assets held in cold storage, including from employee
collusion or fraud, physical loss including theft, damage of key material, security breaches or hacks, and fraudulent transfers. The
insurance maintained by each of the XRP Custodians is shared among all such respective XRP Custodians’ customers, is not specific
to the Trust or to customers holding XRP with the XRP Custodians and may not be available or sufficient to protect the Trust from all
possible losses or sources of losses.

XRP held in the Trust’s
account with the XRP Custodians are the property of the Trust. The Trust, the Sponsor and the service providers will not loan or pledge
the Trust’s assets nor will the Trust’s assets serve as collateral for any loan or similar arrangement. The Trust will not
utilize leverage, derivatives, or any similar arrangements in seeking to meet its investment objective.

In the event of a fork, the Custodial Services Agreements provide that the XRP Custodians may temporarily suspend services, and may, in their sole discretion, determine whether or not to support (or cease supporting) either branch of the forked protocol entirely, provided that the XRP Custodians shall use commercially reasonable efforts to avoid ceasing to support both branches of such forked protocol and will support, at a minimum, the original digital asset. The Custodial Services Agreements provide that, other than as set forth therein, and provided that the XRP Custodians shall make commercially reasonable efforts to assist the Trust to retrieve and/or obtain any assets related to a fork, airdrop or similar event the XRP Custodians shall have no liability, obligation or responsibility whatsoever arising out of or relating to the operation of the underlying software protocols relating to the XRP Ledger or an unsupported branch of a forked protocol and, accordingly, the Trust acknowledges and assumes the risk of the same. The Custodial Services Agreements further provide that, unless specifically communicated by the relevant XRP Custodian and its affiliates through a written public statement on their website, such XRP Custodian does not support