Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 222

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 222
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 Coinbase
Custodian in the 12 months prior to the event giving rise to the XRP Custodian’s liability; and (iv) in respect of any
incidental, indirect, special, punitive, consequential or similar losses, the Coinbase Custodian shall not be liable, even if the Coinbase
Custodian has been advised of or knew of or should have known of the possibility thereof. In general, the Coinbase Custodian is not liable
under the Coinbase Custodial Services Agreement unless in the event of its negligence, fraud, material violation of applicable law or
willful misconduct. The Coinbase Custodian is not liable for delays, suspension of operations, failure in performance, or interruption
of service to the extent it is directly due to a cause or condition beyond the reasonable control of the Coinbase Custodian. In the event
of potential losses incurred by the Trust as a result of the Coinbase Custodian losing control of the Trust’s XRP or failing to
properly execute instructions on behalf of the Trust, the Coinbase Custodian’s liability with respect to the Trust will be subject
to certain limitations which may allow it to avoid liability for potential losses or may be insufficient to cover the value of such potential
losses, even if the Coinbase Custodian directly caused such losses. Furthermore, the insurance maintained by the Coinbase Custodian may
be insufficient to cover its liabilities to the Trust.

<div align='center'>108</div>

With respect to the BitGo
Custodial Services Agreement, the BitGo Custodian and its affiliates, including their officers, directors, agents, and employees, are
not liable for any lost profits, special, incidental, indirect, intangible, or consequential damages resulting from authorized or unauthorized
use of the Trust or Sponsor’s site or services. This includes damages arising from any contract, tort, negligence, strict liability,
or other legal grounds, even if the BitGo Custodian was previously advised of, knew, or should have known about the possibility of such
damages. However, this exclusion of liability does not extend to cases of the BitGo Custodian’s fraud, willful misconduct, or gross
negligence. In situations of gross negligence, the BitGo Custodian’s liability is specifically limited to the value of the digital
assets or fiat currency that were affected by the negligence. Additionally, the total liability of the BitGo Custodian for direct damages
is capped at the fees paid or payable to them under the relevant agreement during the twelve-month period immediately preceding the first