Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 13

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 13
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’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 [●]. As of the date of this Prospectus, [●] and [●] serve as XRP Counterparties.
The Trust and/or Sponsor will bear the expense and risk of delivery and ownership of XRP once such XRP has been received by the XRP Custodian
on behalf of the Trust and until transferred by the XRP Custodian on behalf of the Trust to the XRP Counterparty for conversion to cash.

All of the Trust’s
XRP will be held by the XRP Custodian. The Transfer Agent will facilitate the processing of purchase and sale orders
in Baskets to and from the Trust.

CME CF XRP—Dollar Reference Rate — New York Variant (XRPUSD_NY)

The Pricing Benchmark,
which was introduced on July 29, 2024. The Benchmark Provider is the administrator of the Pricing Benchmark. The Pricing Benchmark
is calculated daily.

The Sponsor believes that the
use of the Pricing Benchmark is reflective of a reasonable valuation of the average spot price of XRP and that resistance to manipulation
is a priority aim of its design methodology. The methodology: (i) takes an observation period and divides it into equal partitions
of time; (ii) then calculates the volume-weighted