Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 16

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 16
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the Trust, and, upon instructions from the Sponsor acting on behalf of the Trust, facilitate cash transfers and cash payments from the
Trust’s account(s).

The XRP Custodians

Coinbase Custody Trust Company,
LLC, BitGo Trust Company, Inc. and Anchorage Digital Bank N.A. serve as the XRP Custodians and are fiduciaries under Section 100 of the
New York Banking Law, Section 51A-6A-1(12A) of the South Dakota Banking Law and the National Bank Act of 1864, respectively. The
XRP Custodians are authorized to serve as the Trust’s custodians under the Trust Agreement and pursuant to the terms and provisions
of the Custodial Services Agreements. Under the Custodial Services Agreements with the XRP Custodians, the XRP Custodians are responsible
for safekeeping all of the XRP owned by the Trust. The XRP Custodians were selected by the Sponsor. The XRP Custodians are responsible
for opening accounts that hold the Trust’s XRP, as well as facilitating the transfer of XRP required for the operation of the Trust.

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The Coinbase Custodian is
a third-party limited purpose trust company that was chartered in 2018 upon receiving a trust charter from the New York Department
of Financial Services. The BitGo Custodian is a third-party limited liability trust company that was chartered in 2018 upon receiving
a trust charter from the South Dakota Division of Banking. The Anchorage Custodian is the first federally chartered crypto bank in the
United States, and was granted a national bank charter by the Office of the Comptroller of the Currency in 2021. The XRP Custodians are
subject to extensive regulation and have among the longest track records in the industry of providing custodial services for digital
asset private keys. The Trust’s assets with the XRP Custodians are held in segregated accounts on the XRP Ledger, commonly referred
to as “wallets,” and are therefore not commingled with corporate or other customer assets. The segregated accounts in which
the XRP Custodians will custody all of the Trust’s XRP from time to time is hereinafter referred to as the Trust’s “Vault
Balance.” The XRP Custodians will keep a substantial portion of the private keys associated with the Trust’s XRP in “cold
storage