Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 199

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 199
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 the Authorized Participants when they redeem Shares with the Trust. This
distribution of cash will be delivered to the Authorized Participant on the Business Day following the Redemption Order Date if,
by 2:00 p.m. ET, on such Business Day (or another time as determined by Sponsor), the Trust’s DTC account has been credited
with the Baskets to be redeemed. If the Trust’s DTC account has not been credited with all of the Baskets to be redeemed by such
time, the redemption distribution will also be delayed. In the case of an in-kind redemption, the Trust will deliver XRP to the Authorized
Participants (or their designated agents) when they redeem Shares with the Trust. This distribution of XRP will be delivered to the Authorized
Participant (or its designated agent) on the Business Day following the Redemption Order Date if, by 2:00 p.m. ET on such Business Day
(or another time as determined by Sponsor), the Trust’s DTC account has been credited with the Baskets to be redeemed by such time.
If the Trust’s DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution
will also be delayed.

Suspension or Rejection of Redemption Orders

The Sponsor may, in its
discretion, suspend the right of redemption, or postpone the redemption settlement date, (1) for any period during which the Exchange
is closed other than customary weekend or holiday closings, or trading on the Exchange is suspended or restricted, (2) for any period
during which an emergency exists as a result of which delivery, disposal or evaluation of XRP is not reasonably practicable, or (3) for
such other period as the Sponsor determines to be necessary for the protection of the Shareholders. For example, the Sponsor may determine
that it is necessary to suspend redemptions to allow for the orderly liquidation of the Trust’s assets. If the Sponsor has difficulty
liquidating the Trust’s positions, e.g., because of a market disruption event, it may be appropriate to suspend redemptions until
such time as such circumstances are rectified. None of the Sponsor, the person authorized to take redemption orders in the manner provided
in the Authorized Participant Agreement, or the XRP Custodians will be liable to any person or in any way for any loss or damages that
may result from any such suspension or postponement.

Redemption orders must
be made in whole Baskets. The Sponsor acting by