Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 194

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 194
---

able to deliver XRP associated with a cash purchase order as of a specified time on the settlement date, the Sponsor or Transfer Agent
will cancel such purchase order. To the extent that XRP transfers from the Trust’s Trading Balance to the Trust’s Vault are
delayed due to congestion or other issues with the XRP Ledger, such XRP will not be held in cold storage until such transfers can occur.

<div align='center'>90</div>

For an in-kind creation,
following an Authorized Participant’s purchase order, the Trust’s accounts with the XRP Custodians must be credited with
the required XRP by the end of the Business Day following the purchase order date, or in the case of cash deposits, the Trust’s
Cash Custodian account must be credited with the required cash by the end of the Business Day following the purchase order date, as applicable.
Under most circumstances, the XRP associated with a Creation Basket Deposit will be deposited with an XRP Custodian in the Trust’s
Cold Vault Balance, although in some circumstances, XRP may be deposited outside of cold storage. Upon receipt of the XRP deposit amount
in the Trust’s accounts with the XRP Custodians, or the cash deposit amount in the Trust’s Cash Custodian account, the XRP
Custodians or the Cash Custodian, as applicable, will notify the Transfer Agent, the Authorized Participant, and the Sponsor that the
XRP or cash has been deposited. Upon confirmation by the Sponsor and Transfer Agent that any outstanding XRP or cash due from the Authorized
Participant has been settled with the Trust, the Transfer Agent will then direct DTC to credit the number of Shares created to the applicable
DTC account of the Authorized Participant.

The Authorized Participant
understands and agrees that in the event the Creation Basket Deposit is not deposited to the Trust by the time specified above and in
compliance with the applicable procedures, and any outstanding cash or XRP due from the Authorized Participant has not been settled with
the Trust, the applicable Purchase Order will be canceled by the Sponsor. In the event the Authorized Participant, or its designated
agent, has not deposited the XRP to the Trust by the applicable time on the settlement date of the in-kind creation order, the Authorized
Participant will be given one of the following options by the Trust to (i) delay settlement of the order to enable delivery of XRP at
a later date or (ii) accept that the Trust will execute an XRP transaction