Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 201

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 201
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 to the account of the Authorized Participant or its designated agent’s account at the Prime Broker.

XRP held in the Trust’s
accounts with the XRP Custodians are the property of the Trust. 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.

<div align='center'>92</div>

Determination of Redemption Distribution

The redemption distribution
for cash redemptions from the Trust consists of a transfer to an XRP Counterparty of an amount of XRP equal to the NAV of the Trust multiplied
by the number of Shares to be redeemed under the redemption order, with such amount of XRP to be converted by the Trust to cash for settlement
with the redeeming Authorized Participant. The redemption distribution for in-kind redemptions from the Trust consists of a transfer
to the Authorized Participant or its designated agent of an amount of XRP equal to the NAV of the Trust multiplied by the number of Shares
to be redeemed under the redemption order.

Delivery of Redemption Distribution

In the case of a cash redemption,
the Trust, through the Cash Custodian, will deliver cash to 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