Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 150

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 150
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 mean of the volume-weighted medians, equally weighted. By employing the foregoing steps, the Pricing Benchmark
thereby seeks to ensure that transactions in XRP conducted at outlying prices do not have an undue effect on the value of a specific
partition, large trades or clusters of trades transacted over a short period of time will not have an undue influence on the benchmark
level, and the effect of large trades at prices that deviate from the prevailing price are mitigated from having an undue influence on
the benchmark level.

The Sponsor holds full discretion
to change either the Pricing Benchmark or the Benchmark Provider subject to proper notification to shareholders. Shareholder approval
is not required. Adjustments to the Pricing Benchmark could impact the NAV of the Trust. These adjustments may result in variations in
the calculated spot price of XRP, thereby affecting the valuation of the Trust’s assets and the NAV per Share.

Pricing Benchmark data and
the description of the Pricing Benchmark are based on information made publicly available by the Benchmark Provider on its website at
https://www.cfbenchmarks.com/data/indices/XRPUSD_NY. None of the information on the Benchmark Provider’s website is incorporated by reference into this Prospectus.

A trading venue is eligible
as a “Constituent Exchange” in any of the CME CF Cryptocurrency Pricing Products if it offers a market that facilitates the
spot trading of the relevant digital asset base asset against the corresponding quote asset, including markets where the quote asset
is made fungible with Accepted Assets (the “Relevant Pair”) and makes trade data and order data available through an API
with sufficient reliability, detail and timeliness. The CME CF Oversight Committee considers a trading venue to offer sufficiently reliable,
detailed and timely trade data and order data through an API when: (i) the API for the “Constituent Exchange” does not
fall or become unavailable to a degree that impacts the integrity of the Pricing Benchmark given the frequency of calculation; (ii) the
data published is at the resolution required so that the benchmark can be calculated, with the frequency and dissemination precision
required; and (iii) the data is broadcast and available for retrieval at the required frequency (and not negatively impacted by
latency) to allow the methodologies to be applied as intended. An “Accepted Asset” means a digital asset that is a fully
reserve backed digital token, commonly referred to as a “stablecoin”, that seeks to peg its value to that of the quote asset,
where the issuer