Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 192

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 192
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 Authorized Participant
with respect to the receipt of the XRP from the Trust.

Generally speaking, XRP Counterparties
deliver XRP related to an Authorized Participant’s purchase order to the Trust’s Cold Vault Balance. Authorized Participants
and XRP Counterparties are not required to maintain an account with the XRP Custodians.

Creations and redemptions
of Shares may result in certain slippage being incurred as a result of, for example, trading fees, spreads, or commissions. Any slippage
so incurred will be the responsibility of an Authorized Participant, as a cash liability, and not of the Trust or Sponsor.

Each Authorized Participant
will be required to be registered as a broker-dealer under the Exchange Act and a member in good standing with FINRA, or exempt
from being or otherwise not required to be licensed as a broker-dealer or a member of FINRA, and will be qualified to act as a broker
or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants may also
be regulated under federal and state banking laws and regulations. Each Authorized Participant has its own set of rules and procedures,
internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.

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The Sponsor performs extensive
due diligence as a part of its XRP Counterparty selection and onboarding process. As part of this process the Sponsor assesses XRP Counterparty
candidates against various criteria, including those relating to candidates’ (1) financial standing, (2) reputation, (3) settlement
history with the Sponsor and (4) regulatory oversight. No affiliates of the Trust or the Sponsor are expected to serve as an XRP Counterparty.

Creations and redemptions
will generally be “on-chain” transactions reflected in the Trust’s Vault Account. Under certain circumstances, these
transactions may be “off-chain” transactions that are represented in the books and records of the Prime Broker.

The Trust will be responsible
for XRP-related on-chain transaction fees associated with creation and redemption transactions and transactions with the Prime Broker,
and that the Sponsor will assume such expenses of the Trust in consideration for the Sponsor Fee. The Authorized Participants are responsible
for only cash liabilities relating to creation and redemption costs, such as trading fees and slippage.

Authorized Participants will
place orders through the Transfer Agent. The Transfer Agent will coordinate with the XRP Custodians in order to facilitate settlement
of the