Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 263

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 263
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 Treasury Department”: U.S. Department of the Treasury.

“XRP”: A digital asset based on the
open-source protocol of the peer-to-peer XRP computer network.

“XRP Counterparty”: A designated
third party who is not an Authorized Participant but who may be an affiliate of an Authorized Participant, or the Prime Broker or Lender,
as applicable, with whom the Sponsor has entered into an agreement on behalf of the Trust, that will, acting as a counterparty, deliver,
receive or convert to U.S. dollars the XRP related to the Authorized Participant’s creation or redemption order.

“XRP Custodian”: Any person from
time to time engaged to provide custodian, security or related services to the Trust’s XRP and cash assets pursuant to authority
delegated by the Sponsor.

“XRP Ledger”: A distributed ledger
upon which XRP transactions are processed and settled.

“You”: The owner or holder of Shares.

<div align='center'>A-6

21SHARES XRP ETF

SHARES

PROSPECTUS

[●], 2025</div>

Until 25 calendar days
after the date of this Prospectus, all dealers that effect transactions in these securities, whether or not participating in this offering,
may be required to deliver a prospectus. This is in addition to the dealers’ obligation to deliver a prospectus when acting as
underwriters and with respect to their unsold allotments or subscriptions.

<div align='center'>PART II
INFORMATION NOT REQUIRED IN PROSPECTUS</div>

Item 13. Other Expenses of Issuance and Distribution.

The Trust shall not bear any
expenses incurred in connection with the issuance and distribution of the securities being registered. These expenses shall be paid by
21Shares US LLC, the sponsor of the Trust. Set forth below is an estimate (except as indicated) of these fees and expenses.

| SEC registration fee        |     | $ |    N/A† |
| Listing fee (actual)        |     | $ |  12,000 |
| Auditor’s fees and expenses |     | $ |  15,000 |
| Legal fees and expenses     |     | $ | 300,000 |
| Printing expenses           |     | $ |  21,000 |
| Miscellaneous expenses      |     | $ |  13,000 |
| Total                       |     | $ | 361,000 |

| † | The Registrant notes that an indeterminate amount of securities