Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 240

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 240
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-1</div>

21Shares XRP ETF

TABLE OF CONTENTS

| Report of Independent Registered Public Accounting Firm                                                                             
 Financial                                                                                                                           
 Statements for the period from January 1, 2025 through August 31, 2025 and for the period from December 20, 2024 (commencement of   
 operations) through December 31, 2024                                                                                               
 Statements of Assets and Liabilities at August 31, 2025                                                                             
 and December 31, 2024                                                                                                               | Pages      
 F-3        
 F-4        |
|:------------------------------------------------------------------------------------------------------------------------------------|:-----------|
| Statements of Operations for the period from January                                                                                
 1, 2025 through August 31, 2025 and for the period  from December 20, 2024 (commencement of operations) through December 31,        
 2024                                                                                                                                | F-5        |
| Statements of Changes in Net Assets for the period from                                                                             
 January 1, 2025 through August 31, 2025 and for the period from December 20, 2024 (commencement of operations) through December 31, 
 2024                                                                                                                                | F-6        |
| Schedules of Investment at August 31, 2025 and December                                                                             
 31, 2024                                                                                                                            | F-7        |
| Notes to the Financial Statements                                                                                                   | F-8 - F-14 |

<div align='center'>F-2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

To the Sponsor and Shareholder of

21Shares XRP ETF

We have audited the accompanying statements
of assets and liabilities, including the schedules of investment, of 21Shares XRP ETF (the “Trust”) as of August 31, 2025
and December 31, 2024, the related statements of operations and changes in net assets for the period from January 1, 2025 through August
31, 2025, and for the period from December 20, 2024 (commencement of operations) through December 31, 2024, including the related notes
(collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all
material respects, the financial position of the Trust as of August 31, 2025 and December 31, 2024, and the results of its operations
and changes