Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 239

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 239
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 2024                                                                                                                            | F-7        |
| Notes to the Financial Statements                                                                                                   | F-8 - F-14 |

<div align='center'>F-2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

To the Sponsor and Shareholder of

21Shares XRP ETF

We have audited the accompanying statements
of assets and liabilities, including the schedules of investment, of 21Shares XRP ETF (the “Trust”) as of August 31, 2025
and December 31, 2024, the related statements of operations and changes in net assets for the period from January 1, 2025 through August
31, 2025, and for the period from December 20, 2024 (commencement of operations) through December 31, 2024, including the related notes
(collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all
material respects, the financial position of the Trust as of August 31, 2025 and December 31, 2024, and the results of its operations
and changes in its net assets for the period from January 1, 2025 through August 31, 2025, and for the period from December 20, 2024
(commencement of operations) through December 31, 2024, in conformity with accounting principles generally accepted in the United States
of America.

These financial statements are the responsibility
of the Trust’s management. Our responsibility is to express an opinion on the Trust’s financial statements based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and
are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with
the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement whether due to error or fraud. The Trust is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s