Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 90

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 90
---
 extent that the Trust’s NAV or the Principal Market NAV are incorrectly
calculated, the Administrator may not be liable for any error and such misreporting of valuation data could adversely affect an investment
in the Shares.

The Administrator determines
the NAV of the Trust as of 4:00 p.m. ET, on each Business Day, as soon as practicable after that time and determines the Principal
Market NAV as of 4:00 p.m. ET, on the valuation date. If the Pricing Benchmark is not available, or if the Sponsor determines in
good faith that the Pricing Benchmark does not reflect an accurate XRP price, then the Administrator will determine NAV by reference
to the Trust’s principal market. There are no predefined criteria to make a good faith assessment as to which of the rules the
Sponsor will apply, and the Sponsor may make this determination in its sole discretion.

The Trust is subject to the
risk that the Administrator may calculate the Pricing Benchmark in a manner that ultimately inaccurately reflects the price of XRP. To
the extent that the NAV, Principal Market NAV, the Pricing Benchmark, the Administrator’s or the Sponsor’s other valuation
methodology are incorrectly calculated, neither the Sponsor, the Administrator nor the Trustee will be liable for any error and such
misreporting of valuation data could adversely affect the value of the Shares and investors could suffer a substantial loss on their
investment in the Trust. Moreover, the terms of the Trust Agreement do not prohibit the Sponsor from changing the Pricing Benchmark or
other valuation method used to calculate the NAV and Principal Market NAV of the Trust. Any such change in the Pricing Benchmark or other
valuation method could affect the value of the Shares and investors could suffer a substantial loss on their investment in the Trust.

<div align='center'>40</div>

XRP Counterparties’ buying and selling activity associated with the creation and redemption of Baskets may adversely affect an investment in the Shares.

The purchase of XRP in connection
with Basket creation orders may cause the price of XRP to increase, which will result in higher prices for the Shares. Increases in the
XRP prices may also occur as a result of XRP purchases by other market participants who attempt to benefit from an increase in the market
price of XRP when Baskets are created. The market price of XRP may therefore decline immediately after Baskets are created.

Selling activity associated
with sales of XRP in connection with redemption orders may decrease the XRP prices, which will