Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 157

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 157
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Digital Asset Markets”, which are defined as Exchange Markets, Brokered
Markets, Dealer Markets, and Principal-to-Principal Markets, each as defined in ASC 820-10-35-36A.

In determining which of the
eligible Digital Asset Markets is the Trust’s principal market, the Trust obtains reliable volume and level of activity information
and reviews these criteria in the following order:

First, the Trust reviews a
list of Digital Asset Markets and scopes in the markets that the Trust reasonably believes are operating in compliance with applicable
laws and regulations and those that are accessible to the Trust and the Authorized Participant.

Second, the Trust sorts the
remaining Digital Asset Markets from high to low based on volume and level of activity of XRP traded on each Digital Asset Market.

Third, the Trust then reviews
intra-day pricing fluctuations and the degree of variances in price on Digital Asset Markets to identify any material notable variances
that may impact the volume or price information of a particular Digital Asset Market.

Fourth, the Trust then selects
a Digital Asset Market as its principal market based on the highest market-based volume, level of activity, and price stability in comparison
to the other Digital Asset Markets on the list. Based on information reasonably available to the Trust, Exchange Markets have the greatest
volume and level of activity for the asset. The Trust therefore looks to accessible Exchange Markets as opposed to the Brokered Market,
Dealer Market and Principal-to-Principal Markets to determine its principal market.

As a result of the analysis,
the Trust will select an Exchange Market as the Trust’s principal market. Based on the Trust’s initial assessment, the NAV
and NAV per Share will be calculated using the fair value of XRP based on the price provided by this Exchange, as promptly as practicable
after 4:00 p.m., ET on the measurement date for GAAP purposes. The Trust anticipates that this Exchange will be normally transacted
on by both the Trust and the XRP Counterparty.

The Trust will update its
Principal Market analysis periodically and as needed to the extent that events have occurred, or activities have changed in a manner
that could change the Sponsor’s determination of the Trust’s principal market.

The Sponsor on behalf of the
Trust will determine in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements
in accordance with GAAP.

The cost basis of the investment
in XRP recorded by the Trust for financial reporting purposes is the fair value of XRP at the time of transfer.