Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 138

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 138
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 design clearly defined disclosure requirements and frameworks.

Various foreign jurisdictions
have, and may continue to, in the near future, adopt laws, regulations or directives that affect the XRP network, the XRP markets, and
their users, particularly XRP spot markets and service providers that fall within such jurisdictions’ regulatory scope. Foreign
jurisdictions including Canada, Germany, Sweden and Switzerland have also approved exchange-traded XRP products.

The effect of any future regulatory
change on the Trust or XRP is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the
Shares.

<div align='center'>64

THE TRUST AND XRP PRICES</div>

Overview of the Trust

The Trust is an exchange-traded
fund that issues Shares that trade on the Exchange. The Trust’s investment objective is to reflect the performance of XRP, as measured
by the performance of the Pricing Benchmark, adjusted for the Trust’s expenses and liabilities. In seeking to achieve its investment
objective, the Trust will hold XRP and will value its Shares daily based on the XRP price reported by the Pricing Benchmark. The Trust
is sponsored by 21Shares US LLC, a wholly owned subsidiary of 21co Holdings Limited (formerly known as Amun Holdings Limited).

The Sponsor believes that the
Trust will provide a cost-efficient way for Shareholders to implement strategic and tactical asset allocation strategies that use XRP
by investing in the Trust’s Shares rather than purchasing, holding and trading XRP directly. The latter alternative would require
selecting an XRP spot market and opening an account or arranging a private transaction, establishing a personal computer system capable
of transacting directly on the blockchain, and incurring the risk associated with maintaining and protecting a private key that is irrecoverable
if lost, among other difficulties.

Use of the CME CF Ripple — Dollar Reference Rate — New York Variant

The net assets of the Trust
and its Shares are valued on a daily basis with reference to the CME CF Ripple — Dollar Reference Rate — New York
Variant, the Pricing Benchmark, a standardized reference rate published by CF Benchmarks Ltd., the Benchmark Provider, that is designed
to reflect the performance of XRP in U.S. dollars. The Pricing Benchmark is calculated daily and aggregates the notional value of
XRP trading activity across major XRP spot exchanges. The Pricing Benchmark currently uses substantially the same methodology as the CME
CF Ripple — Dollar Reference Rate (“XRR”), including utilizing