Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 180

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 180
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 their Shares are held)
to transfer the Shares. Transfers are made in accordance with standard securities industry practice.

Transfers of interests in Shares
with DTC are made in accordance with the usual rules and operating procedures of DTC and the nature of the transfer. DTC has established
procedures to facilitate transfers among the participants and/or accountholders of DTC. Because DTC can only act on behalf of DTC
Participants, who in turn act on behalf of Indirect Participants, the ability of a person or entity having an interest in a global certificate
to pledge such interest to persons or entities that do not participate in DTC, or otherwise take actions in respect of such interest,
may be affected by the lack of a certificate or other definitive document representing such interest.

DTC will take any action permitted
to be taken by a Shareholder (including, without limitation, the presentation of a global certificate for exchange) only at the direction
of one or more DTC Participants in whose account with DTC interests in global certificates are credited and only in respect of such portion
of the aggregate principal amount of the global certificate as to which such DTC Participant or Participants has or have given such direction.

<div align='center'>86

INITIAL SEED CREATION INVESTOR</div>

The Initial Seed Creation
Investor has indicated an interest in acquiring the initial seed creation baskets comprising [●] Shares (the “Initial Seed
Creation Baskets”) through an Authorized Participant shortly after the effectiveness of this registration statement that this 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 will be determined as of the effective date of the registration
statement that this Prospectus forms a part as described in this Prospectus, and such Shares could be sold at different prices if sold
by the Initial Seed