Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 22

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 22
---
 the XRP Custodians on an ongoing basis. In connection with creations or redemptions, the Trust will, under most circumstances, process creations and redemptions by transferring XRP from its Cold Vault Balance to and/or from an XRP Counterparty. From time to time, portions of the Trust’s XRP may temporarily be held outside of cold storage in the Trading Balance maintained by Coinbase, Inc. (the “Prime Broker”) or an XRP Counterparty, including in circumstances in which it is necessary in connection with creations or redemptions of Baskets or to sell XRP to pay Trust expenses.

| ● | Multiple                                                                                        
 Private Keys:    All private keys                                                               
 are securely stored using multiple layers of high-quality encryption and in XRP Custodian-owned 
 offline hardware vaults in secure environments. No customers or third parties are given access  
 to the XRP Custodians’ private keys. The use of multiple private keys makes retrieving          
 XRP from the wallet more difficult, and aims to further reduce the risk of hacking, theft       
 and/or robbery.                                                                                 |

| ● | Whitelisting:    Transactions                                                                   
 are only sent to vetted, known addresses. The XRP Custodians’ platforms support pre-approval    
 and test transactions. The XRP Custodians require authentication when adding or removing        
 addresses for whitelisting. All instructions to initiate a whitelist addition or removal        
 must be submitted via the Coinbase Custody platform. When a whitelist addition or removal       
 request is initiated, the initiating user will be prompted to authenticate their request        
 using a two-factor authentication key. A consensus mechanism on the Coinbase Custody platform   
 dictates how many approvals are required in order for the consensus to be achieved to add       
 or remove a whitelisted address. Only when the consensus is met is the underlying transaction   
 considered officially approved. An account’s roster and user roles are maintained by            
 the XRP Custodians in separate logs, an authorized user list. Any changes to an account’s       
 roster must be reflected on an updated authorized user list first and executed by an authorized 
 signatory.                                                                                      |

| ● | Audit                                                                                        
 Trails: Audit trails exist for all movement of XRP within XRP Custodian-controlled XRP       
 wallets and are audited annually for accuracy and completeness by independent external audit 
 firms.                                                                                       |

<div align='center'>7</div>

In addition to the above
measures, in accordance with the Custodial Services Agreements, XRP held in custody