Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 179

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 179
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’s own execution venue where the Trust’s orders may be
executed against other customers of the Prime Broker or with Coinbase acting as principal; (ii) the beneficial identity of the counterparty
purchaser or seller with respect to the Trust’s orders may be unknown and therefore may inadvertently be another client of the
Prime Broker; (iii) the Prime Broker does not engage in front-running, but is aware of the Trust’s orders or imminent orders
and may execute a trade for its own inventory (or the account of an affiliate) while in possession of that knowledge; and (iv) the
Prime Broker may act in a principal capacity with respect to certain orders. As a result of these and other conflicts, when acting as
principal, the Prime Broker may have an incentive to favor its own interests and the interests of its affiliates over the Trust’s
interests, which may adversely impact the value of an investment in the Shares.

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Subject to the foregoing,
and to certain policies and procedures that the Prime Broker Agreement requires the Prime Broker to have in place to mitigate conflicts
of interest when executing the Trust’s orders, the Prime Broker Agreement provides that the Prime Broker shall have no liability,
obligation, or responsibility whatsoever for the selection or performance of any Connected Trading Venue, and that other Connected Trading
Venues and/or trading venues not used by Coinbase may offer better prices and/or lower costs than the Connected Trading Venue used to
execute the Trust’s orders.

Once the Sponsor, on behalf
of the Trust, places an order to purchase or sell XRP on the Trading Platform in connection with the creation or redemption of Shares
via a cash transaction, the associated XRP or cash used to fund or fill the order, if any, will be placed on hold and will generally
not be eligible for other use or withdrawal from the Trust’s Trading Balance. The Trust’s Vault Balance may be used directly
to fund orders. With each Connected Trading Venue, the Prime Broker shall establish an account in the Prime Broker’s name, or in
its name for the benefit of clients, to trade on behalf of its clients, including the Trust, and the Trust will not, by virtue of the
Trading Balance the Trust maintains with the Prime Broker, have a direct legal relationship, or account with, any Connected Trading Venue.

The Prime Broker may terminate
the Prime Broker Agreement in its entirety for any reason and without Cause by providing at least ninety (90) days’ prior
written notice