Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 89

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 89
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| ● | Service providers may decide to terminate their relationships                                                                        
 with the Trust due to concerns that the introduction of privacy enhancing features to the XRP network may increase the potential for 
 XRP to be used to facilitate crime, exposing such service providers to potential reputational harm.                                  |

Any of these factors could
affect the value of the Shares, either directly or indirectly through their effect on the Trust’s assets.

The Administrator is solely responsible for determining the value of the Trust’s XRP, the Trust’s NAV and the Trust’s Principal Market NAV. The value of the Shares may experience an adverse effect in the event of any errors, discontinuance or changes in such valuation calculations.

The Administrator will determine
the Trust’s NAV and the Trust’s Principal Market NAV. The Administrator’s determination is made utilizing data
from the XRP Custodian’s operations and the Pricing Benchmark (in the case of the NAV) and the principal market for XRP as determined
by the Trust (in the case of the Principal Market NAV). To the extent that the Trust’s NAV or the Principal Market NAV are incorrectly
calculated, the Administrator may not be liable for any error and such misreporting of valuation data could adversely affect an investment
in the Shares.

The Administrator determines
the NAV of the Trust as of 4:00 p.m. ET, on each Business Day, as soon as practicable after that time and determines the Principal
Market NAV as of 4:00 p.m. ET, on the valuation date. If the Pricing Benchmark is not available, or if the Sponsor determines in
good faith that the Pricing Benchmark does not reflect an accurate XRP price, then the Administrator will determine NAV by reference to
the Trust’s principal market. There are no predefined criteria to make a good faith assessment as to which of the rules the Sponsor
will apply, and the Sponsor may make this determination in its sole discretion.

The Trust is subject to the
risk that the Administrator may calculate the Pricing Benchmark in a manner that ultimately inaccurately reflects the price of XRP. To
the extent that the NAV, Principal Market NAV, the Pricing Benchmark, the Administrator’s or the Sponsor’s other valuation
methodology are incorrectly calculated, neither the Sponsor, the Administrator nor the Trustee will be liable for any error and such misreporting
of valuation data could adversely affect the value of the Shares and investors could suffer a substantial loss on their investment in
the Trust. Moreover, the terms of the Trust