Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 184

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 184
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RP Custodian or Cash Custodian, as applicable, unless such failure is due to an act or omission of the Sponsor or Trust.

XRP held in the Trust’s
account with the XRP Custodian is the property of the Trust. The Trust, the Sponsor and the service providers will not loan or pledge
the Trust’s assets nor will the Trust’s assets serve as collateral for any loan or similar arrangement, other than in connection
with the Post-Trade Financing Agreement.

Determination of Required Deposits

For a creation, the total
amount of XRP (for in-kind creations), or cash (for cash creations), required to create each Basket (“Basket Deposit”) is
the amount of XRP or its cash equivalent that is in the same proportion to the total assets of the Trust, net of accrued expenses and
other liabilities, as the number of Shares being created bears to the total number of Shares outstanding on the date the order is properly
received, plus a cash buffer determined by the Sponsor.

The Basket Deposit changes
from day to day. On each day that the Exchange is open for regular trading, the Administrator adjusts the quantity of XRP
represented by the Basket Deposit as appropriate to reflect accrued expenses and any loss of XRP that may occur. The computation is made
by the Administrator as promptly as practicable after 4:00 p.m. ET. Each night, the Sponsor will publish the amount of XRP that
is represented by each Basket Deposit.

Delivery of Required Deposits

An Authorized Participant
who places a purchase order must follow the procedures outlined in the “Creation Procedures” section of this Prospectus.
When a creation occurs, after the XRP Custodian receives the required XRP (for in-kind creations) or a Cash Custodian receives the required
cash (for cash creations), the Sponsor will notify the Transfer Agent that the XRP or cash, as applicable, has been received, and the
Transfer Agent and Sponsor will then determine whether any outstanding cash or XRP due from the Authorized Participant has been settled
with the Trust, and the Transfer Agent will direct DTC to credit the number of Shares ordered to the Authorized Participant’s DTC
account on the business day following the purchase order date.

Rejection of Purchase Orders

The Sponsor or its designee
has the absolute right, but does not have any obligation, to reject any purchase order or Basket Deposit if the Sponsor determines that:

| ● | the purchase order or Basket Deposit is not in proper form; |

| ●