Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 183

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 183
---
 Day, on the next Business Day).
Pursuant to the Post-Trade Financing Agreement, the Trust has granted a security interest in, lien on and right of set off against all
of the Trust’s right, title and interest, the Trust’s Trading Balance and Vault Balance established pursuant to the Prime
Broker Agreement and Custodial Services Agreements, in order to secure the repayment by the Trust of the Trade Credits and Financing
Fees to the Lender. The Trust and Lender may terminate the Post-Trade Financing Agreement immediately upon giving the other party written
notice. Upon such notice of termination, the Coinbase Custodian and the Prime Broker have agreed to comply with instructions and entitlement
orders from the Lender with respect to the disposition of the assets in the Trust’s Trading Balance without further consent by
the Trust. If the Trust fails to repay the Trade Credits to the Lender on time and in full, the Lender shall have the right to instruct
the Prime Broker (and Prime Broker agrees to comply with such instruction) to transfer the Trust’s assets from the Trust’s
Trading Balance to the Lender to repay the Trade Credit debt owed by the Trust to the Lender and/or liquidate or cancel outstanding orders.

Other than in connection
with the Post-Trade Financing Agreement, (i) the Trust, the Sponsor and the service providers will not loan or pledge the Trust’s
assets nor will the Trust’s assets serve as collateral for any loan or similar arrangement, other than in connection with the Post-Trade
Financing Agreement; and (ii) the Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its
investment objective.

Interest rates on Trade Credits
(“Financing Fees”) will be an amount to be determined, on a daily basis, based on the Lender’s sole discretion considering
factors including, but not limited to, availability of financing, market prices, and credit due diligence of the Trust.

<div align='center'>84

FORM OF SHARES</div>

Registered Form

Shares are issued in registered
form in accordance with the Trust Agreement. The Transfer Agent has been appointed registrar and transfer agent for the purpose of transferring
Shares in certificated form. The Transfer Agent keeps a record of all Shareholders and holders of the Shares in certified form in the
registry (“Register”). The Sponsor recognizes transfers of Shares in certificated form only if done in accordance with the
Trust Agreement. The beneficial interests in such Shares are held in book-entry form through