Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 4

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 4
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 against various criteria, including those relating to candidates’ (1) financial standing, (2) reputation, (3) settlement
history with the Sponsor, and (4) their regulatory oversight. 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
or redemptions.

Authorized Participants may
then offer Shares to the public at prices that depend on various factors, including the supply and demand for Shares, the value of the
Trust’s assets, and market conditions at the time of a transaction. Shareholders who buy or sell Shares during the day from
their broker on the secondary market may do so at a premium or discount relative to the NAV of the Shares of the Trust.

Except when aggregated in Baskets, Shares are not redeemable securities. Baskets are only redeemable by Authorized Participants.

On [●], 2025, the
Pricing Benchmark was $[●].

[●], an affiliate
of the Sponsor (the “Initial Seed Creation Investor”), has indicated an interest in acquiring the initial seed creation baskets
comprising [●] Shares (“Initial Seed Creation Baskets”) through an Authorized Participant shortly after the effectiveness
of this registration statement that this prospectus (the “Prospectus”) forms a part. In this capacity, the Initial Seed Creation
Investor will act as a statutory underwriter in connection with this purchase. The total proceeds to the Trust from the sale of the Initial
Seed Creation Baskets are expected to be $[●] and are expected to be used by the Trust to purchase XRP at or prior to the listing
of the Shares on the Exchange. The Sponsor will transact with an XRP Counterparty to acquire XRP on behalf of the Trust in exchange for
cash provided by the Initial Seed Creation Investor in its capacity as Initial Seed Creation Investor. Any XRP acquired in connection
with the Initial Seed Creation Baskets will be held by the XRP Custodian. The price of the Shares comprising the Initial Seed Creation
Baskets