Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 182

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 182
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to be executed, in the Sponsor’s reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate NAV, taking
into account any spread, commissions, or other trading costs on the applicable Creation Order Date. The resulting XRP will be deposited
in the Trust’s account with the XRP Custodian. Any slippage incurred (including, but not limited to, any trading fees, spreads,
or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Sponsor.

To the extent the execution
price of the XRP acquired by the XRP Counterparty at settlement is less than the cash deposit amount, such cash difference will be remitted
to the Authorized Participant. To the extent the execution price of the XRP acquired by the XRP Counterparty exceeds the cash deposit
amount, such cash difference will be the responsibility of the Authorized Participant and not the Trust or Sponsor.

No Shares will be issued
unless and until the Sponsor and Transfer Agent have confirmed that any outstanding XRP or cash (as applicable) due from the Authorized
Participant has been settled with the Trust. Disruption of services at the Prime Broker or Custodian would have the potential to delay
settlement of the XRP related to Share creations. To the extent the XRP Counterparty is not able to deliver XRP associated with a cash
purchase order as of a specified time on the settlement date, the Sponsor or Transfer Agent will cancel the purchase order. To the extent
that XRP transfers from the Trust’s Trading Balance to the Trust’s Vault are delayed due to congestion or other issues with
the XRP network, such XRP will not be held in cold storage in the Vault until such transfers can occur.

<div align='center'>87</div>

For an in-kind creation,
following an Authorized Participant’s purchase order, the Trust’s Custodian account must be credited with the required XRP
by the end of the business day following the purchase order date, or in the case of cash deposits, the Trust’s Cash Custodian
account must be credited with the required cash by the end of the Business Day following the purchase order date, as applicable. Under
most circumstances, the XRP associated with a Creation Basket Deposit will be deposited with the XRP Custodian in the Trust’s Cold
Vault Balance, although in some circumstances, XRP may be deposited outside of cold storage. Upon receipt of the XRP deposit amount in
the Trust’s Custodian account, or