Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 245

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 245
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 fractional undivided beneficial interests in the
net assets of the Trust, for an aggregate purchase of 100,000,000 units of XRP.

The issuance and sale of the
Shares by the Trust and the compliance by 21Shares US LLC. 21Shares US LLC is a limited liability company organized and existing under
the laws of Delaware and the sponsor of the Trust (the “Sponsor”). CSC Delaware Trust Company, serves as the trustee of the
Trust (the “Trustee”). The Purchaser has full power, legal capacity and authority to enter into and perform the Purchaser’s
obligations, and no approvals or consent of any governmental or regulatory authority or other persons is necessary in connection herewith.
Coinbase Custody Trust Company, LLC (“Coinbase”), and BitGo New York Trust Company, LLC (“BitGo”), (together
Coinbase and BitGo, as the context may require, the “Custodian”, “Custodians” and each a “Custodian”)
are the custodians for the Trust and hold all of the Trust’s XRP on the Trust’s behalf.

The Trust’s investment
objective is to seek to track the performance of XRP, as measured by the performance of the CME CF XRP-Dollar Reference Rate—New
York Variant (the “Index”), adjusted for the Trust’s expenses and other liabilities. CF Benchmarks Ltd. is the administrator
for the Index (the “Index Provider”). The Index is designed to reflect the performance of XRP in U.S. dollars. In seeking
to achieve its investment objective, the Trust holds XRP at its Custodian and values its Shares daily based on the Index.

| 2. | Significant Accounting Policies |

Basis of Accounting

The financial statements have
been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP” or “GAAP”).
The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting
and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)
Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company
under the Investment Company Act of 1940, as amended. The Trust uses fair value as its method of accounting in accordance with its classification
as an investment company for accounting purposes.

Accounting Estimates

The preparation of the financial