Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 153

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 153
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 not materially impact pricing for the Trust. It also allows the Administrator to calculate the NAV in a manner that
significantly deters manipulation.

As discussed, the fact that
there are multiple XRP spot markets contributing prices to the NAV makes manipulation more difficult in a well-arbitraged and fractured
market, as a malicious actor would need to manipulate multiple spot markets simultaneously to impact the NAV, or dramatically skew the
historical distribution of volume between the various exchanges.

The Trust’s NAV per
Share is calculated by:

| ● | taking                                                                                        
 the current market value of its total assets based on the XRP price determined by the Pricing 
 Benchmark;                                                                                    |

| ● | subtracting          
 any liabilities; and |

| ● | dividing                                              
 that total by the total number of outstanding Shares. |

The Administrator calculates
the NAV of the Trust once each Exchange trading day. The NAV for a normal trading day will be released as promptly
as practicable after 4:00 p.m. ET. Trading during the core trading session on the Exchange typically closes at 4:00 p.m.
ET. However, NAVs are not officially struck until later in the day (often by 5:30 p.m. ET and almost always by 8:00 p.m.
EST). The pause between 4:00 p.m. ET and 5:30 p.m. ET (or later) provides an opportunity for the Administrator to algorithmically
detect, flag, investigate, and correct unusual pricing should it occur. Any such correction could adversely affect the value of the Shares.
If the Pricing Benchmark is not available, or if the Sponsor determines in good faith that the Pricing Benchmark does not reflect an
accurate XRP price, then the Administrator will determine NAV by reference to the Trust’s principal market. There are no predefined
criteria to make a good faith assessment as to which of the rules the Sponsor will apply, and the Sponsor may make this determination
in its sole discretion.

In addition, in order to provide
updated information relating to the Trust for use by Shareholders and market professionals, Solactive will calculate and disseminate
throughout the core trading session on each trading day an updated intraday indicative value (“IIV”). The IIV
will be calculated by using the prior day’s closing NAV as a base and updating that value during the trading day
based off of more recent XRP pricing information to reflect any changes in the value of the Trust’s underlying assets and, therefore,
the Trust’s NAV