Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 249

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 249
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 or loss on such
sale. The Sponsor has reviewed the tax positions as of August 31, 2025, and has determined that no provision for income tax is required
in the Trust’s financial statements.

Recently Issued Accounting Pronouncements

The Trust adopted FASB Accounting
Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”).
The Trust operates in one segment. The segment derives its revenues from Trust investments made in accordance with the defined investment
strategy of the Trust, as prescribed in the Trust’s prospectus. The Chief Operating Decision Maker (“CODM”) is the
Sponsor. The CODM monitors the operating results of the Trust. The financial information the CODM leverages to assess the segment’s
performance and to make decisions for the Trust’s single segment, is consistent with that presented within the Trust’s financial
statements.

In December 2023, the FASB issued
Accounting Standards Update (“ASU”) 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60):
Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 is intended to improve the accounting for certain
crypto assets by requiring an entity to measure those crypto assets at fair value each reporting period with changes in fair value recognized
in net income. The amendments also improve the information provided to investors about an entity’s crypto asset holdings by requiring
disclosure about significant holdings, contractual sale restrictions, and changes during the reporting period. ASU 2023-08 is effective
for annual and interim reporting periods beginning after December 15, 2024. Early adoption is permitted for both interim and annual financial
statements that have not yet been issued. The Trust adopted this new guidance with no material impact on its financial statements and
disclosures as the Trust uses fair value as its method of accounting for XRP in accordance with its classification as an investment company
for accounting purposes.

<div align='center'>F-10</div>

21Shares XRP ETF

Notes to the financial statements

(Expressed in United States Dollars)

| 3. | FAIR  
 VALUE |

The Trust’s assets recorded
at fair value have been categorized based upon a fair value hierarchy as described in the Trust’s significant accounting policies
in Note 2.

The following table presents information
about the Trust’s