Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 169

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 169
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 potential losses, even if the XRP Custodian directly caused such losses. Furthermore, the insurance maintained by the XRP
Custodian may be insufficient to cover its liabilities to the Trust.

The XRP Custodian is not
liable for delays, suspension of operations, failure in performance, or interruption of service to the extent it is directly due to a
cause or condition beyond the reasonable control of the XRP Custodian. Under the Custodial Services Agreement, except in the case of
its negligence, fraud, material violation of applicable law or willful misconduct, the XRP Custodian shall not have any liability, obligation,
or responsibility for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms or other malware
that may affect the Trust’s computer or other equipment, or any phishing, spoofing or other attack, unless the XRP Custodian fails
to have commercially reasonable policies, procedures and technical controls in place to prevent such damages or interruptions.

The XRP Custodian may terminate
the Custodial Services Agreement for any reason upon providing the applicable notice to the Trust, or immediately for Cause (as defined
in the Custodial Services Agreement), including, among others, if the Trust: materially breaches the Prime Broker Agreement and such breach
remains uncured, or undergoes a bankruptcy event.

The Trust’s Transfer
Agent will facilitate the settlement of Shares in response to the placement of creation orders and redemption orders from Authorized Participants.
The Trust generally does not intend to hold cash or cash equivalents. However, there may be situations where the Trust will unexpectedly
hold cash on a temporary basis, including in connection with the settlement of creation and redemption transactions. The Trust’s
cash and cash equivalents will be held at its account at the Cash Custodian, pursuant to the Cash Custody Agreement.

The Sponsor may, in its sole
discretion, add or terminate XRP custodians at any time. The Sponsor may, in its sole discretion, change the XRP Custodian for the Trust’s
XRP holdings, but it will have no obligation whatsoever to do so or to seek any particular terms for the Trust from other such XRP custodians.
Should the Sponsor choose to terminate an XRP Custodian, the Trust will notify Shareholders in a prospectus supplement and/or a current
report on Form 8-K or in its annual or quarterly reports.

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Prime BRoker</div>

Pursuant to the Prime Broker
Ag