Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 26

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 26
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 statement and could be sold
at different times and at different offering prices. The Trust will not receive any of the proceeds from the resale or redemption by
the Selling Shareholder of these Shares. The Sponsor will not receive from the Trust or any of its affiliates any fee or other compensation
in connection with the resale of these Shares.

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 Custodians on behalf of the Trust
and until transferred by the XRP Custodians on behalf of the Trust to the XRP Counterparty for conversion to cash.

Only Authorized Participants
may purchase Shares from or redeem Shares to the Trust. Authorized Participants may then offer Shares to the public at prices that depend
on various factors, including the supply and demand for Shares, the value of the Trust’s assets, and market conditions at the time
of a transaction. Shareholders who buy or sell Shares during the day from their broker may do so at a premium or discount relative
to the NAV of the Shares of the Trust.

Shareholders who decide
to buy or sell Shares of the Trust will place their trade orders through their brokers and will incur customary brokerage commissions
and charges. Prior to this offering, there has been no public market for the Shares. The Shares are expected to be listed for trading,
subject to notice of issuance, on the Exchange under the ticker symbol “TOXR”. As of the date of this Prospectus, Ripple
Markets is the only shareholder of the Trust and holds 10,000,000 Shares, which Ripple Markets acquired pursuant to the Ripple Subscription
Agreement described below at a purchase price of 100,000,000 XRP, which were valued at approximately $226,119,000.00 in the aggregate,
or approximately $22.61 per Share.

The Sponsor may enter into
marketing support arrangements with respect to the Trust, to which the Trust would not be party. Any fees under such agreements would
be payable by the Sponsor, as applicable, and not by the Trust.

Federal Income Tax Considerations

It is expected that an owner
of Shares will be treated, for U.S. federal income tax purposes, as if they owned a proportionate share of the assets of the Trust.
A shareholder will accordingly include in the computation of their taxable income their proportionate share of the income and expenses
realized by the Trust. Each sale or other disposition of XRP by the Trust (including