Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 13

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 13
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, or other trading
costs and deposit the cash proceeds of such sale in the Trust’s account with the Cash Custodian for settlement with the Authorized
Participant. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions) on a cash equivalent basis,
will be the responsibility of the Authorized Participant and not of the Trust or Sponsor. Authorized Participants may also redeem Shares
in-kind. When such an Authorized Participant redeems Shares in-kind, the Trust, through the XRP Custodians, will deliver XRP to the Authorized
Participant, or a designated agent thereof, in exchange for its Shares.

<div align='center'>2</div>

The XRP Counterparty is a
designated third party with whom the Sponsor has entered into an agreement on behalf of the Trust that will deliver, receive or convert
to U.S. dollars the XRP related to the Authorized Participant’s cash creation or redemption order. In connection with cash
creation orders, the Trust will create Shares by receiving XRP from an XRP Counterparty that is not the Authorized Participant, and the
Trust — not the Authorized Participant — is responsible for selecting the XRP Counterparty to deliver
the XRP. Further, the XRP Counterparty will not be acting as an agent of the Authorized Participant with respect to the delivery
of the XRP to the Trust or acting at the direction of the Authorized Participant with respect to the delivery of the XRP to the Trust.
The XRP Counterparty is not contractually obligated to participate in cash orders for creations.

In connection with XRP redemption
orders, the Trust will redeem Shares by delivering XRP to an XRP Counterparty that is not the Authorized Participant and the Trust — not
the Authorized Participant — is responsible for selecting the XRP Counterparty to receive the XRP. Further, the
XRP Counterparty will not be acting as an agent of the Authorized Participant with respect to the receipt of the XRP from the Trust.
The XRP Counterparty is not contractually obligated to participate in cash orders for redemptions.

As of the date of this
Prospectus, the Authorized Participants are Jane Street Capital, LLC and Macquarie Capital (USA) Inc. As of the date of this
Prospectus, the Prime Broker, Coinbase, Inc. and the Lender, Coinbase Credit, Inc., serve as XRP Counterparties, among others.
The Trust and/or the Sponsor will bear the expense and risk of delivery