Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 11

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 11
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 different nodes may maintain different
UNLs, but there needs to be some overlap in the UNLs for consensus to work effectively.

Unlike other digital assets
such as bitcoin or ether, XRP was not and is not mined gradually over time. Instead, all 100 billion XRP tokens were created at the
time of the XRP Ledger’s launch in 2012. This means that every XRP token that exists today was generated from the outset, without
the need for a mining process. Of the 100 billion XRP generated by the XRP Ledger’s code, the founders of Ripple Labs Inc.,
a corporation incorporated and existing under the laws of Delaware (“Ripple Labs”) retained 20 billion XRP and the rest,
nearly 80 billion XRP, was provided to Ripple Labs.

For more information on XRP
and the XRP Ledger, see “XRP, XRP MARKET AND REGULATION OF XRP” below.

The Trust’s Investment Objective

The Trust’s investment
objective is to seek to track the performance of XRP, as measured by the Pricing Benchmark, adjusted for the Trust’s expenses and
other liabilities. In seeking to achieve its investment objective, the Trust will hold XRP and will value its Shares daily as of 4:00 p.m.
ET based on the Pricing Benchmark.

Barring the liquidation
of the Trust or extraordinary circumstances (including but not limited to, non-recurring expenses and costs of services performed by
the Sponsor or a service provider on behalf of the Trust to protect the Trust or the interests of Shareholders, such as in connection
with any fork of the XRP Ledger, any indemnification of agents, service providers or counterparties of the Trust and extraordinary legal
fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation
matters), the Trust generally will not purchase or sell XRP, other than in connection with the creation or redemption of Shares. The
Sponsor may also sell XRP to pay certain expenses, which may be facilitated by the Prime Broker or any other prime brokers with whom
the Trust contracts.

When the Trust sells or
redeems its Shares, XRP will be transferred into or out of the Trust, as applicable, in exchange for blocks of [●] Shares
(a “Basket”) that are based on the quantity of XRP attributable to each Share of the Trust (net of accrued but unpaid Sponsor
Fees and any accrued but unpaid extraordinary expenses