Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 28

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 28
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 unrelated to the value of XRP.                    |

| ● | The NAV or Principal Market NAV may not always correspond                                                                             
 to the market price of XRP and, as a result, Creation Baskets may be created or redeemed at a value that is different from the market 
 price of the Shares.                                                                                                                  |

| ● | The inability of Authorized Participants and market makers                                                             
 to hedge their XRP exposure may adversely affect the liquidity of Shares and the value of an investment in the Shares. |

| ● | The Trust is subject to risks due to its concentration of 
 investments in a single asset.                            |

| ● | Possible illiquid markets may exacerbate losses or increase                               
 the variability between the Trust’s NAV or the Principal Market NAV and its market price. |

| ● | The amount of XRP represented by the Shares will decline over 
 time.                                                         |

| ● | The Administrator is solely responsible for determining the                                                                             
 value of the XRP holdings and XRP holdings per Share, and any errors, discontinuance or changes in such valuation calculations may have 
 an adverse effect on the value of the Shares.                                                                                           |

Risks Associated with the Regulatory Environment of XRP

| ● | Future and current regulations by a United States or                                                                            
 foreign government or quasi-governmental agency could have an adverse effect on an investment in the Trust, and XRP’s status as 
 a “security” under U.S. federal securities laws remains unsettled.                                                              |

| ● | Shareholders do not have the protections associated with ownership                                                     
 of Shares in an investment company registered under the Investment Company Act of 1940 (“1940 Act”) or the protections 
 afforded by the Commodity Exchange Act (the “CEA”).                                                                    |

| ● | Future legal or regulatory developments may negatively affect                                                                 
 the value of XRP or require the Trust or the Sponsor to become registered with the Securities and Exchange Commission (“SEC”) 
 or Commodity Futures Trading Commission (“CFTC”), which may cause the Trust to incur unforeseen expenses or liquidate.        |

| ● | If regulatory changes or interpretations of an Authorized                                                                            
 Participant’s, the Trust’s or the Sponsor’s activities require the regulation of an Authorized Participant, the Trust                
 or the Sponsor as a money service business under the regulations promulgated by the Financial Crimes Enforcement Network (“FinCEN”), 
 an Authorized Participant, the Trust or the Sponsor may be required to register and comply with such regulations, which could result 
 in extraordinary, recurring and/or nonre