Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 180

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 180
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) $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 assumed by the Sponsor, to the extent applicable,
in a timely manner by seeking to lock in the XRP price on the trade date for creations and redemptions or the payment date for payment
of the Sponsor’s Fee or any other Trust Expenses not assumed by the Sponsor, rather than waiting for the funds associated with
the creation to be transferred by the Cash Custodian to the XRP Counterparty prior to purchasing the XRP or for the XRP held in the Vault
Balance to be transferred to a Trading Balance prior to selling the XRP.

In connection with a purchase
order, the Trust may first borrow cash from the Lender using the Trade Financing Agreement, and then purchase XRP. In connection
with a redemption order, the Trust may first borrow XRP from the Lender