Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 181

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 181
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 of Baskets is only a summary and a Shareholder should refer to the relevant provisions
of the Trust Agreement and the form of Authorized Participant Agreement for more detail. The Trust Agreement and form of Authorized Participant
Agreement will be filed as exhibits to the registration statement of which this Prospectus is a part.

Authorized Participants will
place orders through the Transfer Agent. The Transfer Agent will coordinate with the XRP Custodian in order to facilitate settlement of
the Shares and XRP as described in more detail in the Creation Procedures and Redemption Procedures sections below.

Creation Procedures

On any business day,
an Authorized Participant may place an order with the Transfer Agent via the order taking portal to create one or more Baskets via a
cash or in-kind transaction.

Purchase orders must be placed
by 12:00 p.m. ET, the close of regular trading on the Exchange, or another time determined by the Sponsor. The day on which
an order is received by the Transfer Agent is considered the purchase order date.

Upon the Sponsor’s approval,
a creation request by an Authorized Participant will produce an affirmation confirming the acceptance of the order by the Sponsor. Upon
publication of the Trust’s NAV, the Sponsor, Transfer Agent and Authorized Participant will receive a confirmation receipt including
trade details such as trade date, settlement date, direction of trade, number of Shares, XRP entitlement and Authorized Participant details.
On the settlement date, the Sponsor and Authorized Participant will settle entirely in cash.

Prior to the delivery of
Baskets for a purchase order, the 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, through its designated agents, of XRP with the XRP Custodian.

To effectuate a cash creation
order, the Authorized Participant will be required to prefund with cash the Trust’s purchase of XRP in an amount determined by
the Sponsor. The 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