Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 149

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 149
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 |              | 14.54 | % |     |            | 12.37 | % |     |        |  2.41 | % |
| 2025 Q3 |     |        | 18.19 | % |     |          | 55.60 | % |     |          | 9.49 | % |     |              |  3.95 | % |     |            |  7.58 | % |     |        |  5.20 | % |

Kraken is a U.S.-based
exchange with headquarters in San Francisco, California, and is registered as a money services business with FinCEN and holds licenses
to engage in money transmission, or the state equivalent, in majority of U.S. states. Coinbase operates as a remote-first company and
has no physical headquarters, and is registered as a money services business with FinCEN, and holds licenses to engage in money transmission,
or the state equivalent, in the majority of U.S. states. LMAX Digital is a Gibraltar based exchange regulated by the GFSC as a DLT provider
for execution and custody services. LMAX Digital does not hold a BitLicense and is part of LMAX Group, a U.K.-based operator of a FCA
regulated Multilateral Trading Facility and Broker-Dealer. Bitstamp is a U.K.-based exchange registered as an MSB with FinCEN and licensed
as a virtual currency business under the NYDFS BitLicense as well as money transmitter in various U.S. states. Crypto.com is a Singapore-based
trading platform with a Digital Token License from the Monetary Authority of Singapore. Crypto.com is also registered as a Money Services
Business with FinCEN.

While each of the Constituent
Exchanges is subject to a range of federal and state laws regarding various aspects of their functioning, neither of the Constituent
Exchanges is currently registered with the SEC as a national securities exchange, broker-dealer or clearing agency. Further information
regarding the domicile, regulation and legal compliance of the Constituent Exchanges may be found, where available, on the websites for
such Constituent Exchanges and public registers for compliance with local regulations, among other places.

An oversight function is implemented
by the Benchmark Provider in seeking to ensure that the Pricing Benchmark is administered through the Benchmark Provider’s codified
policies for Pricing Benchmark integrity. The Pricing Benchmark is administered through the Benchmark Provider’s codified policies
for Pricing Benchmark integrity,