Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 191

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 191
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 to permit the resale from time to time after purchase.
The Shares offered by the Selling Shareholder were acquired by the Selling Shareholder as
described in the registration statement and could be sold at different times and at different
offering prices. The Trust will not receive any of the proceeds from the resale or redemption
by the Selling Shareholder of these Shares. The Sponsor will not receive from the Trust or
any of its affiliates any fee or other compensation in connection with the resale of these
Shares.

A Selling Shareholder may
sell Shares owned by the Selling Shareholder directly or through broker-dealers, in accordance with applicable law, on any national securities
exchange on which the Shares may be listed or quoted at the time of sale, through trading systems, in the OTC market or in transactions
other than on these exchanges or systems at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined
at the time of sale, or at negotiated prices. These sales may be effected through brokerage transactions, privately negotiated trades,
block sales, entry into options or other derivatives transactions or through any other means authorized by applicable law. A Selling
Shareholder may redeem Shares held in Basket size through an Authorized Participant. See “Conflicts of Interest.”

Ripple Subscription Agreement

Subscription Agreement

On December 20, 2024, pursuant
to a subscription agreement (the “Ripple Subscription Agreement”), the Trust issued 10,000,000 Shares to Ripple Markets, Inc.,
a wholly owned subsidiary of Ripple Labs (“Ripple Markets”), for an aggregate purchase price of 100,000,000 XRP, which were
valued as of such date at approximately $226,119,000.00 in the aggregate, or approximately $22.61 per Share.

Lock-Up Period

For
a period beginning December 20, 2024 and lasting two (2) years thereafter (such period,
the “Lock-up Period”), Ripple Markets has agreed that it shall not, without the
prior written consent of the Sponsor, sell, transfer, assign, pledge, hypothecate or otherwise
dispose of any of the Shares it holds, nor will Ripple Markets seek to have the Trust or
the Sponsor redeem the Shares during the Lock-up Period. Following expiration of the Lock-up
Period, Ripple Markets may, to the extent permitted by applicable laws, be permitted to redeem
Shares in accordance with the Trust Agreement.

Registration Rights Agreement

In connection with the Ripple
Subscription Agreement, the Trust and