Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 197

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 197
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 and the Marketing Agent may not revoke
a previously accepted Purchase Order.

Redemption Procedures

On any Business Day,
an Authorized Participant may place an order with the Transfer Agent via the order taking portal to redeem one or more Baskets. For purposes
of processing redemption orders, a “Business Day” means any day other than a day when the Exchange is closed
for regular trading.

Sell orders must be placed
by 12:00 p.m. ET, or the close of regular trading on the Exchange, or another time as determined by the Sponsor. The day on
which an order is received by the Transfer Agent is considered the sell order date.

Upon the Sponsor’s approval,
a redemption request by an Authorized Participant will produce an affirmation confirming the acceptance of the order by the Sponsor.
Upon publication of the Trust’s NAV, the Sponsor, Transfer Agent and Authorized Participant will receive a confirmation receipt
including trade details such as trade date, settlement date, direction of trade, number of Shares, XRP entitlement and Authorized Participant
details. On the settlement date, the Sponsor and Authorized Participant will settle entirely in cash in the case of a cash redemption
and in XRP in the case of an in-kind redemption.

To effectuate a redemption
order via a cash transaction, an Authorized Participant will be required to prefund a cash amount determined by the Sponsor to the Trust’s
account with the Transfer Agent no later than 2:00 pm ET on the sell order date or at another time as determined by the Sponsor.
Because the Shares associated with the redemption order may not be available at the time that the Authorized Participant places the redemption
order, the Sponsor may require cash to be pre-funded to cover related trading costs. The Shares associated with the redemption order
are due to be delivered to the Trust’s DTC account on the settlement date. Upon receipt of the required cash indicated in the redemption
order, the Sponsor, on behalf of the Trust, will instruct the XRP Counterparty to convert XRP into cash by effectuating an XRP sale executed,
in the Sponsor’s reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate NAV, and deposit the cash proceeds
of such sale in the Trust’s account with the Cash Custodian for settlement with the Authorized Participant (taking into account
any spread, commission, or other trading costs).

The redemption distribution
due from the Trust is delivered to the XRP Counterparty on the Redemption Distribution Date (which is the next Business Day after
the redemption order is received)