Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 204

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 204
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 portfolio investments. Baskets are generally redeemed when the price per Share is at a discount
to the NAV per Share. Shares initially comprising the same Basket but offered by Authorized Participants to the public at different times
may have different offering prices. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple
clients. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other forms
of compensation or inducement of any kind from the Trust or the Sponsor and no such person has any obligation or responsibility to the
Sponsor or the Trust to effect any sale or resale of Shares.

Shares are expected to trade
in the secondary market on the Exchange. Shares may trade in the secondary market at prices that are lower or higher relative to their
NAV per Share. The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by various
factors, including the number of Shareholders who seek to purchase or sell Shares in the secondary market and the liquidity of XRP.

<div align='center'>94

USE OF PROCEEDS</div>

Proceeds received by the Trust
from the issuance of Baskets consist of XRP. Such deposits are held by the XRP Custodians on behalf of the Trust until (i) delivered
out in connection with redemptions of Baskets or (ii) transferred or sold by the XRP Custodians to pay fees due to the Sponsor and
to pay the Trust’s expenses and liabilities not assumed by the Sponsor.

<div align='center'>OWNERSHIP OF BENEFICIAL INTEREST IN THE TRUST</div>

The beneficial interest in the Trust is divided into Shares. Each Share
of the Trust represents an equal beneficial interest in the net assets of the Trust, and each holder of Shares is entitled to receive
such holder’s pro rata share of distributions of income and capital gains, if any. As of the date of this Prospectus, Ripple Markets
is the only shareholder of the Trust and holds 10,000,000 Shares, which Ripple Markets acquired pursuant to the Ripple Subscription Agreement
described above. Ripple Markets is a wholly owned subsidiary of Ripple Labs. The Shares issued to Ripple Markets are subject to certain
lock-up restrictions and registration rights provisions, which are each described in further detail above. See “Plan of Distribution – the Ripple Subscription Agreement.” Jon Bilich holds ultimate dispositive and voting power of the Shares held by Ripple
Mark