Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 240

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 240
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internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures
to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that
respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements. Our procedures included confirmation of digital assets owned as of August 31, 2025 and December 31, 2024, by correspondence
with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for
our opinion.

We have served as the Trust’s auditor
since 2024.

COHEN & COMPANY, LTD.

Towson, Maryland

November 4, 2025

<div align='center'>F-3</div>

21Shares XRP ETF

STATEMENTs
oF ASSETS AND LIABILITIES

(Expressed in United States Dollars)

| Assets                                                                             |     | August 31, 
 2025       |             |     | December 31, 
 2024         |             |   |
|:-----------------------------------------------------------------------------------|:----|:-----------|------------:|:----|:-------------|------------:|:--|
| Investment in XRP, at fair value (cost $217,299,657 and $220,676,000,              
 respectively)                                                                      |     | $          | 277,982,779 |     | $            | 209,510,000 |   |
| Total assets                                                                       |     |            | 277,982,779 |     |              | 209,510,000 |   |
| Liabilities                                                                        |     |            |             |     |              |             |   |
| Sponsor fee payable                                                                |     |            |     512,029 |     |              |     157,810 |   |
| Total liabilities                                                                  |     |            |     512,029 |     |              |     157,810 |   |
| Commitments and contingent liabilities (Note 8)                                    |     |            |             |     |              |             |   |
| Net assets                                                                         |     | $          | 277,470,750 |     | $            | 209,352,190 |   |
| Net assets consists of:                                                            |     |            |