Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 185

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 185
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 is a limited purpose trust
company organized under the laws of the State of New York and is a member of the Federal Reserve System, a “clearing corporation”
within the meaning of the New York Uniform Commercial Code and a “clearing agency” registered pursuant to the provisions
of Section 17A of the Exchange Act. DTC holds securities for DTC Participants and facilitates the clearance and settlement
of transactions between DTC Participants through electronic book-entry changes in accounts of DTC Participants.

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TRANSFER OF SHARES</div>

The Shares are only transferable
through the book-entry system of DTC. Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing
the DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through which 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.

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INITIAL SEED CREATION INVESTOR</div>

21Shares US LLC (in
such capacity, the “Initial Seed Creation Investor”) is expected to purchase the initial seed creation baskets
comprising 10,000 Shares (the “Initial Seed Creation Baskets”) at a per-Share price of $[●]. The total proceeds to the Trust from the sale of the Initial Seed Creation Baskets is expected to be approximately [●]. Such