Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 170

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 170
---
 Custodians are involved in private key management operations and the XRP
Custodians have represented that no single individual of any XRP Custodian has access to full private keys.

The XRP Custodians’
internal audit teams perform periodic internal audits over custody operations, and the XRP Custodians have represented that SOC attestations
covering private key management controls are also performed on the XRP Custodians by external providers.

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 XRP Custodian is shared among all of such XRP Custodian’s customers, and are not specific to the Trust
or to customers holding XRP with any such XRP Custodian, and collectively may not be available or sufficient to protect the Trust from
all possible losses or sources of losses.

XRP held in the Trust’s
accounts 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, other than in connection
with the Post-Trade Financing Agreement. 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