Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 101

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 101
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 such changes in any circumstance.

Risks related to pricing.

As set forth under “NAV Determinations” below, the Trust’s portfolio will be priced, including for purposes of determining the NAV, based upon
the Pricing Benchmark. The price of XRP in U.S. Dollars or in other currencies available from other data sources may not be equal
to the prices used to calculate the NAV.

The NAV or the Principal Market
NAV of the Trust will change as fluctuations occur in the market price of the Trust’s XRP holdings as reflected in the Pricing Benchmark.
Shareholders should be aware that the public trading price per Share may be different from the NAV and the Principal Market NAV for a
number of reasons, including price volatility, trading activity, the closing of XRP trading platforms due to fraud, failure, security
breaches or otherwise, and the fact that supply and demand forces at work in the secondary trading market for Shares are related, but
not identical, to the supply and demand forces influencing the market price of XRP.

An Authorized Participant may
be able to create or redeem a Basket at a discount or a premium to the public trading price per Share and the Trust will therefore maintain
its intended fractional exposure to a specific amount of XRP per Share.

Shareholders also should note
that the size of the Trust in terms of total XRP held may change substantially over time and as Baskets are created and redeemed.

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In the event that the value
of the Trust’s XRP holdings or XRP holdings per Share is incorrectly calculated, neither the Sponsor nor the Administrator will
be liable for any error and such misreporting of valuation data could adversely affect the value of the Shares.

Regulatory Risk

XRP’s status as a being offered and sold as a “security” under U.S. federal securities laws remains unsettled.

The SEC has asserted its belief
that XRP is properly classified as a “security” under U.S. federal securities laws in the Ripple Complaint. Although
the S.D.N.Y. ruled that XRP was not inherently a security, it did find that certain purchases and sales of XRP can be deemed to be unregistered
sales of securities, depending upon the characteristics of the transaction. In future litigation, other courts might disagree with the
assessment that XRP is not a security, or that it is a security depending on the characteristics of the transaction. To the extent that
a court were to find that the Trust had engaged in un