Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 142

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 142
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 Trust
is sponsored by 21Shares US LLC, a wholly owned subsidiary of 21co Holdings Limited (formerly known as Amun Holdings Limited).

The Sponsor believes that the
Trust will provide a cost-efficient way for Shareholders to implement strategic and tactical asset allocation strategies that use XRP
by investing in the Trust’s Shares rather than purchasing, holding and trading XRP directly. The latter alternative would require
selecting an XRP spot market and opening an account or arranging a private transaction, establishing a personal computer system capable
of transacting directly on the blockchain, and incurring the risk associated with maintaining and protecting a private key that is irrecoverable
if lost, among other difficulties.

Use of the CME CF XRP—Dollar Reference Rate — New York Variant (XRPUSD_NY)

The net assets of the Trust and its
Shares are valued on a daily basis with reference to the CME CF XRP—Dollar Reference Rate — New York Variant
(XRPUSD_NY), the Pricing Benchmark, a standardized reference rate published by CF Benchmarks Ltd., the Benchmark Provider, that is designed
to reflect the performance of XRP in U.S. dollars. The Pricing Benchmark is calculated daily and aggregates the notional value of
XRP trading activity across major XRP spot exchanges. The Benchmark Provider is the administrator of the Pricing Benchmark. The Trust
also uses the Pricing Benchmark to calculate its NAV, which is the aggregate U.S. Dollar value of XRP in the Trust, based on the
Pricing Benchmark, less its liabilities and expenses. “NAV per Share” is calculated by dividing NAV by the number of Shares
currently outstanding. NAV and NAV per Share are not measures calculated in accordance with GAAP. NAV is not intended to be a substitute
for the Trust’s Principal Market NAV calculated in accordance with GAAP, and NAV per Share is not intended to be a substitute for
the Trust’s Principal Market NAV per Share calculated in accordance with GAAP.

The Pricing Benchmark was
created to facilitate financial products based on XRP. provides a USD-denominated reference rate for the spot price of XRP. The
Pricing Benchmark leverages real-time prices from multiple constituent exchanges (the “Constituent Exchanges”) to provide
a representative spot price. Each Constituent Exchange is weighted proportionally to its trailing 24-hour liquidity with adjustments
for price variance and inactivity. The Pricing Benchmark is calculated based on the Relevant Transactions of the Constituent Exchanges.
Calculation steps