Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 88

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 88
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 Exchange that they will remain so listed or traded.

If demand for Shares of the
Trust exceeds the availability of XRP from exchanges and the Trust is not able to secure additional supply, Shares of the Trust may trade
at a premium to their underlying value. Investors who pay a premium risk losing such premium if demand for the Shares of the Trust abates
or the Sponsor is able to source more XRP. In such circumstances, Shares of the Trust could also trade at a discount.

Prior to their issuance, there
was no public market for Shares of the Trust.

Counterparty risk.

The Sponsor, Trust, XRP Counterparty,
and Authorized Participants are subject to counterparty risk. An XRP Counterparty may fail to deliver to the Trust’s account at
the XRP Custodian the amount of XRP associated with a creation order, an XRP Counterparty may fail to deliver to the Trust’s account
at the Cash Custodian the amount of cash associated with a redemption order, or the Cash Custodian may fail to deliver to the Authorized
Participant at settlement the cash proceeds from the sale of XRP associated with a redemption order.

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The value of the Shares may be influenced by a variety of factors unrelated to the value of XRP.

The value of the Shares may
be influenced by a variety of factors unrelated to the price of XRP and the XRP exchanges included in the Pricing Benchmark that may have
an adverse effect on the price of the Shares. These factors include, but are not limited to, the following factors:

| ● | Unanticipated problems or issues with respect to the mechanics                                                                      
 of the Trust’s operations and the trading of the Shares may arise, in particular due to the fact that the mechanisms and procedures 
 governing the creation and offering of the Shares and storage of XRP have been developed specifically for this product;             |

| ● | The Trust could experience difficulties in operating and maintaining                                                                    
 its technical infrastructure, including in connection with expansions or updates to such infrastructure, which are likely to be complex 
 and could lead to unanticipated delays, unforeseen expenses and security vulnerabilities;                                               |

| ● | The Trust could experience unforeseen issues relating to the                                                                         
 performance and effectiveness of the security procedures used to protect the Trust’s account with the XRP Custodian, or the security 
 procedures may not protect against all errors, software flaws or other vulnerabilities in the Trust’s technical infrastructure,      
 which could result in theft, loss or damage of its assets;