Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 69

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 69
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 key addresses are randomized sequences of alphanumeric characters that, standing alone, do not
provide sufficient information to identify users. Further, identifying users can be made even more difficult where a user utilizes a tumbling
or mixing services (e.g., Tornado Cash) to further obfuscate transaction details.

The XRP industry and an investment
in the Trust may be adversely affected to the extent that digital assets are increasingly used in connection with illicit transactions
or are perceived as being used in connection with illicit transactions.

The inability to recognize the economic benefit of a “fork” or an “airdrop” could adversely impact an investment in the Trust.

The only digital asset to be
held by the Trust will be XRP.

From time to time, the
Trust may be entitled to or come into possession of rights to acquire, or otherwise establish dominion and control over, any virtual
currency or other asset or right, which rights are incident to the Trust’s ownership of XRP and arise without any action of the
Trust, or of the Sponsor on behalf of the Trust (“Incidental Rights”) and/or virtual currency tokens, or other asset or right,
acquired by the Trust through the exercise (subject to the applicable provisions of the Trust Agreement) of any Incidental Right (“IR
Virtual Currency”) by virtue of its ownership of XRP, generally through a fork in the XRP Ledger, an airdrop offered to holders
of XRP or other similar event. In an airdrop, the promoters of a new digital asset announce to holders of another digital asset that
they will be entitled to claim a certain amount of the new digital asset for free, based on the fact that they hold such other digital
asset. For example, in March 2017, the promoters of Stellar Lumens announced that anyone that owned bitcoin as of June 26, 2017, could
claim, until August 27, 2017, a certain amount of Stellar Lumens. Airdrops are not included in the Pricing Benchmark under its current
methodology. See “Prospectus Summary — CME CF Ripple — Dollar Reference Rate — New York Variant.”

Pursuant to the Trust Agreement,
the Sponsor has the right, in their discretion, to determine what action to take in connection with the Trust’s entitlement to or
ownership of Incidental Rights or any IR Virtual Currency. Under the terms of the Trust Agreement, the Trust may take any lawful action
necessary or desirable in connection with the Trust’s ownership of Inc