Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 188

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 188
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 transactions), and thus dealing with Shares that are part of an “unsold allotment” within the meaning of Section 4(a)(3)(C) of
the 1933 Act, would be unable to take advantage of the prospectus-delivery exemption provided by Section 4(a)(3) of the 1933
Act.

While the Authorized Participants
may be indemnified by the Sponsor, they will not be entitled to receive a discount or commission from the Trust or the Sponsor for their
purchases of Baskets.

Initial Seed Creation Investor; Selling Shareholder

The Sponsor or its affiliates,
or a fund or unit investment trust for which the Sponsor or an affiliate of the Sponsor serves as sponsor or investment advisor, may
purchase Shares of the Trust through a broker-dealer or other investors, including in secondary market transactions, and because the
Sponsor and its affiliates may be deemed affiliates of the Trust, the Shares are being registered to permit the resale of these Shares
by affiliates of the Trust from time to time after any such purchase. The Trust will not receive any of the proceeds from the resale
or redemption of such Shares.

21Shares US LLC (in
such capacity, the “Initial Seed Creation Investor”) is expected to purchase the initial seed creation baskets
comprising of 10,000 Shares (the “Initial Seed Creation Baskets”) at a per Share price of $[●]. The total proceeds
to the Trust from the sale of the Initial Seed Creation Baskets is expected to be approximately $[●]. Such proceeds are
expected to be used by the Trust to purchase XRP at or immediately prior to the listing of the Shares on the Exchange. In this
capacity, the Initial Seed Creation Investor will act as a statutory underwriter in connection with this purchase. The XRP acquired
in connection with Initial Seed Baskets will be held by the XRP Custodians. The price of the Shares comprising the Initial Seed
Creation Baskets will be determined as of the effective date of the registration statement of which this Prospectus forms a part as
described in this Prospectus, and such Shares could be sold at different prices if sold by the Initial Seed Creation Investor at
different times. It is anticipated that the Initial Seed Creation Investor may redeem its Shares or sell its Shares to a third party
in the weeks following the initial listing of Shares on the Exchange. The Initial Seed Creation Investor may sell some or all of its
Shares pursuant to the registration statement of which this Prospectus forms a