Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 251

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 251
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on a daily basis by applying a 0.25% annualized rate to the Trust’s total XRP holdings, and the amount of XRP payable in respect
of each daily accrual is determined by reference to the Index. The Sponsor has agreed to pay all operating expenses (except for litigation
expenses and other extraordinary expenses) out of the Sponsor Fee.

<div align='center'>F-11</div>

21Shares XRP ETF

Notes to the financial statements

(Expressed in United States Dollars)

| 5. | SHARE        
 TRANSACTIONS |

For a period ending two (2) years (the “Lock-up Period”), the Purchaser has agreed that it shall not, without the prior written consent of the Sponsor, sell, transfer, assign, pledge, hypothecate or otherwise dispose of any of the Shares it holds, nor will the Purchaser seek to have the Trust or the Sponsor redeem the Shares during the Lock-up Period. Irrespective of whether such two (2) year lock up period has elapsed or not, once the Trust is first listed on a national securities exchange, the shares shall remain locked-up for a further period of six (6) months from the date of listing. Following expiration of the Lock-up Period, the Purchaser may, to the extent permitted by applicable laws, be permitted to redeem Shares in accordance with the Trust Agreement.

The following is a summary of the share transactions for the period from January 1, 2025 through August 31, 2025 and for the period from December 20, 2024 (commencement of operations) through December 31, 2024

|                                                        |     |  For the period 
 January 1, 2025 |   |     |      For the period 
   December 20, 2024 
    (commencement of |            |
|:-------------------------------------------------------|:----|----------------:|:--|:----|--------------------:|-----------:|
|                                                        |     |         through |   |     | operations) through |            |
|                                                        |     |      August 31, |   |     |        December 31, |            |
|                                                        |     |            2025 |   |     |                2024 |            |
| Activity in capital transactions issued and redeemed   |     |                 |   |     |                     |            |
| Shares issued                                          |     |                 | - |     |                     | 10,000,000 |
|