Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 190

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 190
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 are generally redeemed when the price per Share is at a discount
to the NAV per Share. Shares initially comprising the same Basket but offered by Authorized Participants to the public at different times
may have different offering prices. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple
clients. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other forms
of compensation or inducement of any kind from the Trust or the Sponsor and no such person has any obligation or responsibility to the
Sponsor or the Trust to effect any sale or resale of Shares.

Shares are expected to trade
in the secondary market on the Exchange. Shares may trade in the secondary market at prices that are lower or higher relative to their
NAV per Share. The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by various factors,
including the number of Shareholders who seek to purchase or sell Shares in the secondary market and the liquidity of XRP.

<div align='center'>91

USE OF PROCEEDS</div>

Proceeds received by the
Trust from the issuance of Baskets consist of XRP. Such deposits are held by the XRP Custodian on behalf of the Trust until (i) delivered
out in connection with redemptions of Baskets or (ii) transferred or sold by the XRP Custodian to pay fees due to the Sponsor and
to pay the Trust’s expenses and liabilities not assumed by the Sponsor.

<div align='center'>OWNERSHIP OF BENEFICIAL INTEREST IN THE TRUST</div>

The beneficial interest
in the Trust is divided into Shares. Each Share of the Trust represents an equal beneficial interest in the net assets of the Trust,
and each holder of Shares is entitled to receive such holder’s pro rata share of distributions of income and capital gains, if
any.

All Shares are fully paid and
non-assessable. No Share will have any priority or preference over any other Share of the Trust. All distributions, if any, will be made
ratably among all Shareholders from the assets of the Trust according to the number of Shares held of record by such Shareholders on the
record date for any distribution or on the date of termination of the Trust, as the case may be. Except as otherwise provided by the Sponsor,
Shareholders will have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust.

The