Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 264

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 264
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 may involve
it in any expense or liability; provided, however, that the Sponsor may, in its discretion, undertake any action that it may deem necessary
or desirable in respect of the Trust Agreement and the rights and duties of the parties hereto and the interests of the Shareholders
and, in such event, the legal expenses and costs of any such action will be expenses and costs of the Trust and the Sponsor will be entitled
to be reimbursed therefor by the Trust. The obligations of the Trust to indemnify the Sponsor Indemnified Parties will survive the termination
of the Trust Agreement.

Item 15. Recent Sales of Unregistered Securities.

Prior to the listing of the
Shares on the Exchange, 21Shares US LLC, in its capacity as the Initial Seed Creation Investor, is expected to purchase the Initial Seed
Creation Baskets comprising 20,000 Shares at a per-Share price of $25.00, in a private placement exempt from registration in reliance
on Section 4(a)(2) of the Securities Act in a transaction by an issuer not involving a public offering.

Additionally, on December
20, 2024, pursuant to the Ripple Subscription Agreement, the Trust issued 10,000,000 Shares to Ripple Markets for an aggregate purchase
price of 100,000,000 XRP, which was valued at approximately $226,109,000.00, or approximately $22.61 per Share. The Shares issued to
Ripple Markets pursuant to the Ripple Subscription Agreement are subject to certain lock-up restrictions and registration rights provisions,
which are each described in further detail above.

<div align='center'>II-1</div>

Item 16. Exhibits and Financial Statement Schedules.

(a) Exhibits.

| Exhibit No. |     | Exhibit                                                                                               
 Description                                                                                           |
| 3.1         |     | Trust                                                                                                 
 Agreement(1)                                                                                          |
| 3.2         |     | Third                                                                                                 
 Amended and Restated Trust Agreement(1)                                                               |
| 3.3         |     | Certificate                                                                                           
 of Trust(1)                                                                                           |
| 3.4         |     | Certificate                                                                                           
 of Amendment to Certificate of Trust(1)                                                               |
| 3.5         |     | Certificate                                                                                           
 of Amendment to Certificate of Trust(1)                                                               |
| 3.6         |     | Certificate                                                                                           
 of Amendment to Certificate of Trust(1)                                                               |
| 5.1