Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 180

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 180
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5 million and (y) the aggregate fees paid by the Trust to the Prime Broker
in the 12 months prior to the event giving rise to the Prime Broker’s liability, and (B) the value of the cash or affected
XRP giving rise to the Prime Broker’s liability; (ii) in respect of the Prime Broker’s obligations to indemnify the
Trust and its affiliates against third party claims and losses to the extent arising out of or relating to, among others, the Prime Broker’s
violation of any law, rule or regulation with respect to the provision of its services, or the full amount of the Trust’s assets
lost due to the insolvency of or security event at a Connected Trading Venue, the Prime Broker’s liability shall not exceed the
greater of (A) $5 million and (B) the aggregate fees paid by the Trust to the Prime Broker in the 12 months prior
to the event giving rise to the Prime Broker’s liability; and (iii) in respect of any incidental, indirect, special, punitive,
consequential or similar losses, the Prime Broker is not liable, even if the Prime Broker has been advised of or knew or should have
known of the possibility thereof. The Prime Broker is not liable for delays, suspension of operations, failure in performance, or interruption
of service to the extent it is directly due to a cause or condition beyond the reasonable control of the Prime Broker. Both the Trust
and the Prime Broker and its affiliates (including the Coinbase Custodian) are required to indemnify each other under certain circumstances.
The Prime Broker Agreement is governed by New York law and provides that disputes arising under it are subject to arbitration.

In connection with the Prime
Broker Agreement, the Trust has entered into a Post-Trade Financing Agreement (the “Post-Trade Financing Agreement”) with
Coinbase Credit, Inc. (the “Lender”), pursuant to which the Trust may borrow XRP or cash as trade credit (“Trade Credit”)
the Lender on a short-term basis to avoid having to pre-fund the Trust’s Trading Balance. This allows the Trust to buy or sell
XRP through the XRP Counterparty in an amount that exceeds the cash or XRP credited to the Trust’s Trading Balance at the XRP Counterparty
at the time such order is submitted to the XRP Counterparty, which is expected to facilitate the Trust’s ability to process cash
creations and redemptions and pay the Sponsors Fee and any other Trust expenses not