Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 12

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 12
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 cause the Sponsor, on behalf of the Trust,
to automatically instruct a designated third party, who is not an Authorized Participant but who may be an affiliate of an Authorized
Participant and with whom the Sponsor has entered into an agreement on behalf of the Trust (each such third party, or the Prime Broker
or Lender, as applicable, a “XRP Counterparty”), to (i) purchase the amount of XRP equivalent in value to the cash deposit
amount associated with the order and (ii) deposit the resulting XRP deposit amount in the Trust’s account with the XRP Custodian,
resulting in the Transfer Agent crediting the applicable amount of Shares to the Authorized Participant. Authorized Participants may
also purchase Shares in-kind. To purchase Shares in-kind, an Authorized Participant delivers, or arranges for the delivery by the Authorized
Participant’s designated agent of, XRP to the Trust’s account with the XRP Custodian in exchange for Shares.

When such an Authorized
Participant redeems its Shares in cash, the Sponsor, on behalf of the Trust will direct the XRP Custodian to transfer XRP to the XRP
Counterparty, who will sell the XRP to be executed, in the Sponsor’s reasonable efforts, at the Pricing Benchmark price used by
the Trust to calculate NAV, taking into account any spread, commissions, or other trading costs and deposit the cash proceeds of such
sale in the Trust’s account with the Cash Custodian for settlement with the Authorized Participant. Any slippage incurred (including,
but not limited to, any trading fees, spreads, or commissions) on a cash equivalent basis, will be the responsibility of the Authorized
Participant and not of the Trust or Sponsor. Authorized Participants may also redeem Shares in-kind. When such an Authorized Participant
redeems Shares in-kind, the Trust, through the XRP Custodian, will deliver XRP to the Authorized Participant, or a designated agent thereof,
in exchange for its Shares.

<div align='center'>2</div>

The XRP Counterparty is
a designated third party with whom the Sponsor has entered into an agreement on behalf of the Trust that will deliver, receive or convert
to U.S. dollars the XRP related to the Authorized Participant’s cash creation or redemption order. In connection with cash
creation orders, the Trust will create Shares by receiving XRP from an XRP Counterparty that is not the Authorized Participant, and the
Trust — not the Authorized Participant — is responsible for selecting the XRP Counterparty to