Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 246

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 246
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          | 209,510,000 |   |     |          | 100.1 | %  |
| Liabilities in excess of other assets |     |             |     |      |             |     | $          |    (157,810 | ) |     |          |  (0.1 | )% |
| Net assets                            |     |             |     |      |             |     | $          | 209,352,190 |   |     |          | 100.0 | %  |

<div align='center'>The accompanying notes are
an integral part of the financial statements.

F-7</div>

21Shares XRP ETF

Notes to the financial
statements

(Expressed in United States Dollars)

| 1. | ORGANIZATION |

21Shares XRP ETF (the “Trust”)
is a Delaware statutory trust organized and existing under the laws of Delaware. On December 16, 2024, the Trust changed its name from
21Shares Core XRP Trust to 21Shares XRP Trust. On August 22, 2025, the Trust changed its name from 21Shares XRP Trust to 21Shares XRP
ETF.

Ripple Markets Inc., a corporation
incorporated and existing under the laws of Delaware (the “Purchaser”) entered into a subscription agreement to purchase
from the Trust, shares of beneficial interest (the “Shares”), representing 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