Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 86

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 86
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 its technical infrastructure, including in connection with expansions or updates to such infrastructure, which are likely to be complex 
 and could lead to unanticipated delays, unforeseen expenses and security vulnerabilities;                                               |

| ● | The Trust could experience unforeseen issues relating to the                                                                         
 performance and effectiveness of the security procedures used to protect the Trust’s account with the XRP Custodian, or the security 
 procedures may not protect against all errors, software flaws or other vulnerabilities in the Trust’s technical infrastructure,      
 which could result in theft, loss or damage of its assets; or                                                                        |

| ● | Service providers may decide to terminate their relationships                                                                        
 with the Trust due to concerns that the introduction of privacy enhancing features to the XRP network may increase the potential for 
 XRP to be used to facilitate crime, exposing such service providers to potential reputational harm.                                  |

Any of these factors could
affect the value of the Shares, either directly or indirectly through their effect on the Trust’s assets.

The Administrator is solely responsible for determining the value of the Trust’s XRP, the Trust’s NAV and the Trust’s Principal Market NAV. The value of the Shares may experience an adverse effect in the event of any errors, discontinuance or changes in such valuation calculations.

The Administrator will determine
the Trust’s NAV and the Trust’s Principal Market NAV. The Administrator’s determination is made utilizing data
from the XRP Custodian’s operations and the Pricing Benchmark (in the case of the NAV) and the principal market for XRP as determined
by the Trust (in the case of the Principal Market NAV). To the extent that the Trust’s NAV or the Principal Market NAV are incorrectly
calculated, the Administrator may not be liable for any error and such misreporting of valuation data could adversely affect an investment
in the Shares.

The Administrator determines
the NAV of the Trust as of 4:00 p.m. ET, on each Business Day, as soon as practicable after that time and determines the Principal
Market NAV as of 4:00 p.m. ET, on the valuation date. If the Pricing Benchmark is not available, or if the Sponsor determines in
good faith that the Pricing Benchmark does not reflect an accurate XRP price, then the Administrator will determine NAV by reference to
the Trust’s principal market. There are no predefined criteria to make a good faith assessment as to which of the rules the Sponsor
will apply, and the Sponsor may make this determination in its sole discretion.

The Trust is