Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 244

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 244
---
0.2 | )% |
| Net assets                            |     |            |     |      |             |     | $          | 277,470,750 |   |     |        |    100.0 | %  |

| December 31, 2024                     |     |    Quantity |     | Cost |             |     | Fair Value |             |   |     | % of Net 
 Assets   |       |    |
|:--------------------------------------|:----|------------:|:----|:-----|------------:|:----|:-----------|------------:|:--|:----|:---------|------:|:---|
| Investment in XRP                     |     | 100,000,000 |     | $    | 220,676,000 |     | $          | 209,510,000 |   |     |          | 100.1 | %  |
| Total investment in XRP               |     |             |     | $    | 220,676,000 |     | $          | 209,510,000 |   |     |          | 100.1 | %  |
| Liabilities in excess of other assets |     |             |     |      |             |     | $          |    (157,810 | ) |     |          |  (0.1 | )% |
| Net assets                            |     |             |     |      |             |     | $          | 209,352,190 |   |     |          | 100.0 | %  |

<div align='center'>The accompanying notes
are an integral part of the financial statements.

F-7</div>

21Shares XRP ETF

Notes to the
financial statements

(Expressed in United States Dollars)

| 1. | ORGANIZATION |

21Shares XRP ETF (the “Trust”)
is a Delaware statutory trust organized and existing under the laws of Delaware. On December 16, 2024, the Trust changed its name from
21Shares Core XRP Trust to 21Shares XRP Trust. On August 22, 2025, the Trust changed its name from 21Shares XRP Trust to 21Shares XRP
ETF.

Ripple Markets Inc., a corporation
incorporated and existing under the laws of Delaware (the “Purchaser”) entered into a subscription agreement to purchase
from the Trust, shares of beneficial interest (the “Shares”), representing