Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 85

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 85
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 reasons, including price volatility and the fact
that supply and demand forces at work in the secondary trading market for Shares are related, but not identical, to the supply and demand
forces influencing the market price of XRP as reflected in the Pricing Benchmark.

An Authorized Participant
may be able to create or redeem a Basket at a discount or a premium to the public trading price per Share and the Trust will therefore
maintain its intended fractional exposure to a specific amount of XRP per share.

Deviations between the Trust’s NAV and NAV per Share versus the Trust’s Principal Market NAV and Principal Market NAV per Share may occur.

The Trust uses the Pricing
Benchmark to determine its NAV and NAV per Share. However, for financial statement purposes, the Trust’s XRP is carried at fair
value as required by GAAP, which requires a determination based on the price of XRP on principal market as identified by the Trust as
set for in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820-10,
Fair Value Measurements and Disclosures (“ASC 820-10”). See “Net Asset Value Determinations” below.
The Trust expects the applicable NAV and NAV per Share and corresponding Principal Market NAV and Principal Market NAV to accurately
reflect the price of XRP. However, deviations can occur between the prices from the principal market chosen by the GAAP fair value
methodology and Pricing Benchmark, which takes into consideration prices from all of the markets used to calculate the Pricing Benchmark.

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Different from directly owning XRP.

Investors should be aware
that the market value of Shares of the Trust may not have a direct relationship with the prevailing price of XRP, and changes in the
prevailing price of XRP similarly will not necessarily result in a comparable change in the market value of Shares of the Trust. The
performance of the Trust will not reflect the specific return an investor would realize if the investor actually held or purchased XRP
directly. The differences in performance may be due to factors such as fees, transaction costs, operating hours of the Exchange
and Pricing Benchmark tracking risk. Investors will also forgo certain rights conferred by owning XRP directly, such as the right to
claim airdrops. See“Risk Factors — The inability to recognize the economic benefit of a ‘fork’ or an ‘airdrop’ could adversely impact an investment in the Trust.”

Pricing Benchmark tracking risk.

Although the Trust will attempt
to structure its portfolio