Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 193

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 193
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 the Sponsor and Authorized Participant will settle entirely in cash.

Prior to the delivery of
Baskets for a purchase order, an Authorized Participant must also have wired to the Transfer Agent the nonrefundable transaction fee
due for the creation order. Authorized Participants may not withdraw a creation request. By placing a cash creation order, an Authorized
Participant agrees to facilitate the deposit of cash with the Cash Custodian. By placing an in-kind creation order, an Authorized Participant
agrees to facilitate the deposit directly of XRP, through its designated agents, with the XRP Custodians.

To effectuate a cash creation
order, an Authorized Participant will be required to prefund with cash the Trust’s purchase of XRP in an amount determined by the
Sponsor. An Authorized Participant will be required to transfer the cash deposit amount associated with such creation order to the Trust’s
account with the Cash Custodian. The Sponsor, on behalf of the Trust, will instruct an XRP Counterparty to purchase the amount of XRP
equivalent in value to the cash deposit amount associated with the creation order, with such purchase transaction prearranged to be executed,
in the Sponsor’s reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate NAV, taking into account any
spread, commissions, or other trading costs on the applicable Creation Order Date. The resulting XRP will be deposited in the Trust’s
accounts with the XRP Custodians. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on
a cash equivalent basis, will be the responsibility of an Authorized Participant and not of the Trust or Sponsor.

To the extent the execution
price of the XRP acquired by the XRP Counterparty at settlement is less than the cash deposit amount, such cash difference will be remitted
to an Authorized Participant. To the extent the execution price of the XRP acquired by the XRP Counterparty exceeds the cash deposit
amount, such cash difference will be the responsibility of the Authorized Participant and not the Trust or Sponsor.

No Shares will be issued
unless and until the Sponsor and Transfer Agent have confirmed that any outstanding XRP or cash (as applicable) due from an Authorized
Participant has been settled with the Trust. Disruption of services at the Prime Broker or at the Trust’s XRP Custodians or Cash
Custodian would have the potential to delay settlement of the XRP related to Share creations. To the extent the XRP Counterparty is not