Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 165

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 165
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 determined to be a money transmitter, the Trust and the Sponsor will have
to comply with applicable federal and state registration and regulatory requirements for money transmitters and/or money service businesses.
In the event that the Trust ceases to qualify for treatment as a grantor trust for U.S. federal income tax purposes, the Trust will
be required to alter its disclosure and tax reporting procedures and may no longer be able to operate or to rely on pass-through tax
treatment. In each such case and in the case of the Sponsor’s determination as to whether a potential successor trustee or custodian
is acceptable to it, the Sponsor will not be liable to anyone for its determination of whether to continue or to terminate the Trust.

Upon the dissolution of the
Trust, the Sponsor (or in the event there is no Sponsor, such person (the “Liquidating Trustee”) as the majority in interest
of the beneficial owners of the Trust may propose and approve) shall take full charge of the property of the Trust. Any Liquidating Trustee
so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred
upon the Sponsor under the terms of the Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon
the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations
and expenses of the Trust. Thereafter, in accordance with section 3808(e) of the DSTA, the affairs of the Trust shall be wound up
and all assets owned by the Trust shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds
therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination
and to creditors, including registered owners and beneficial owners of the Trust who are creditors, to the extent otherwise permitted
by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof) other
than liabilities for distributions to registered owners of the Trust, and (b) to the beneficial owners of the Trust pro rata in
accordance with their respective percentage interests of the property of the Trust. The proceeds of the liquidation of the Trust’s
assets will be distributed in cash. The Sponsor, on behalf of the Trust, will sell the Trust’s XRP assets at market prices and
will distribute to the Share