Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 183

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 183
---
 the cash deposit amount in the Trust’s Cash Custodian account, the XRP Custodian or the
Cash Custodian, as applicable, will notify the Transfer Agent, the Authorized Participant, and the Sponsor that the XRP or cash has been
deposited. Upon confirmation by the Sponsor and Transfer Agent that any outstanding XRP or cash due from the Authorized Participant has
been settled with the Trust, the Transfer Agent will then direct DTC to credit the number of Shares created to the applicable DTC account
of the Authorized Participant.

The Authorized Participant
understands and agrees that in the event the Creation Basket Deposit is not deposited to the Trust by the time specified above and in
compliance with the applicable procedures, and any outstanding cash or XRP due from the Authorized Participant has not been settled with
the Trust, the applicable Purchase Order will be canceled by the Sponsor. In the event the Authorized Participant, or its designated
agent, has not deposited the XRP to the Trust by the applicable time on the settlement date of the in-kind creation order, the Authorized
Participant will be given the option to (1) cancel the in-kind creation order, (2) delay settlement of the order to enable delivery of
XRP at a later date, or (3) accept that the Trust will execute an XRP transaction required for the creation and the Authorized Participant
will deliver the U.S. dollars required for this purchase. The Authorized Participant is responsible for the dollar cost of the difference
between the XRP price utilized in calculating NAV per Share on trade date and the price at which the Trust acquires the XRP to the extent
the price realized in buying the XRP is higher than the XRP price utilized in the NAV. To the extent the price realized in buying the
XRP is lower than the price utilized in the NAV, the Authorized Participant shall get to keep the dollar impact of any such difference.
For a cash redemption order, an Authorized Participant will deliver Shares to the Trust and will receive cash for the Shares delivered.
For an in-kind redemption order, an Authorized Participant will deliver Shares to the Trust and will receive XRP or will have its designated
agent receive XRP for the Shares delivered.

None of the Sponsor, the
Trust, the Marketing Agent, or the Transfer Agent shall be liable to the Authorized Participant if an XRP Counterparty fails to deliver
XRP or cash, respectively, representing the Creation Basket Deposit for such Authorized Participant’s Purchase Order to the Trust’s
account with the X