Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 185

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 185
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 Authorized Participant, a person must enter into an Authorized Participant
Agreement with the Sponsor. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and
for the delivery of the XRP required for such creation and redemptions. The Authorized Participant Agreement and the related procedures
attached thereto may be amended by the Trust, without the consent of any Shareholder or Authorized Participant. Authorized Participants
pay the Transfer Agent a fee for each order they place to create or redeem one or more Baskets. The transaction fee may be reduced, increased
or otherwise changed by the Sponsor.

Authorized Participants
will deliver cash or XRP to create Shares and will (either directly, or through their designated agents) receive cash or XRP when redeeming
Shares.

The XRP Counterparty is
a designated third party with whom the Sponsor has entered into an agreement on behalf of the Trust that will deliver, receive or convert
to U.S. dollars the XRP related to the Authorized Participant’s creation or redemption order. The Trust will create Shares
by receiving XRP from an XRP Counterparty that is not the Authorized Participant, and the Trust — not the Authorized
Participant — is responsible for selecting the XRP Counterparty to deliver the XRP. Further, the XRP Counterparty
will not be acting as an agent of the Authorized Participant with respect to the delivery of the XRP to the Trust or acting at the direction
of the Authorized Participant with respect to the delivery of the XRP to the Trust. The XRP Counterparty is not contractually obligated
to participate in cash orders for creations.

The Trust will redeem Shares
by delivering XRP to an XRP Counterparty that is not the Authorized Participant and the Trust — not the Authorized Participant — is
responsible for selecting the XRP Counterparty to receive the XRP. Further, the XRP Counterparty will not be acting as an agent
of the Authorized Participant with respect to the receipt of the XRP from the Trust or acting at the direction of the Authorized Participant
with respect to the receipt of the XRP from the Trust.

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

Creations and redemptions of
Shares may result in certain slippage being incurred as a result of, for example, trading fees,