Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 166

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 166
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placed by the Sponsor through the Prime Broker’s execution platform (the “Trading Platform”) to a Connected Trading
Venue where the order will be executed. Each order placed by the Sponsor will be sent, processed and settled at each Connected Trading
Venue to which it is routed. The Prime Broker Agreement provides that the Prime Broker is subject to certain conflicts of interest, including:
(i) the Trust’s orders may be routed to the Prime Broker’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