Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 53

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 53
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 which may allow it to avoid liability for potential losses or may be insufficient to cover
the value of such potential losses, even if the Coinbase Custodian directly caused such losses. Furthermore, the insurance
maintained by the Coinbase Custodian may be insufficient to cover its liabilities to the Trust.

With respect to the BitGo
Custodial Services Agreement, the BitGo Custodian and its affiliates, including their officers, directors, agents, and employees, are
not liable for any lost profits, special, incidental, indirect, intangible, or consequential damages resulting from authorized or unauthorized
use of the Trust or Sponsor’s site or services. This includes damages arising from any contract, tort, negligence, strict liability,
or other legal grounds, even if the BitGo Custodian was previously advised of, knew, or should have known about the possibility of such
damages. However, this exclusion of liability does not extend to cases of the BitGo Custodian’s fraud, willful misconduct, or gross
negligence. In situations of gross negligence, the BitGo Custodian’s liability is specifically limited to the value of the digital
assets or fiat currency that were affected by the negligence. Additionally, the total liability of the BitGo Custodian for direct damages
is capped at the fees paid or payable to them under the relevant agreement during the twelve-month period immediately preceding the first
incident that caused the liability.

With respect to the Anchorage
Custody Agreement, except for the Anchorage Custodian’s bad acts, confidentiality obligations under the Anchorage Custody Agreement,
indemnification obligations under Anchorage Custody Agreement, or obligations with respect to rights to or limits on use under the Anchorage
Custody Agreement, the Anchorage Custodian is not liable for any losses, whether in contract, tort or otherwise, for any amount in excess
of fees paid by the Trust in the twelve (12) months prior to when the liability arises. Moreover, the Anchorage Custodian is not liable
for (i) losses which arise from its compliance with applicable laws, including sanctions laws administered by the Office of Foreign Assets
Control (“OFAC”) of the U.S. Department of the Treasury (the “U.S. Treasury Department”); or (ii) special, indirect
or consequential damages, or lost profits or loss of business arising in connection with the Anchorage Custody Agreement. In addition,
the Anchorage Custodian is not liable for any losses which arise as a result of the non-return of