Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 185

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 185
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 certificate
to pledge such interest to persons or entities that do not participate in DTC, or otherwise take actions in respect of such interest,
may be affected by the lack of a certificate or other definitive document representing such interest.

DTC will take any action permitted
to be taken by a Shareholder (including, without limitation, the presentation of a global certificate for exchange) only at the direction
of one or more DTC Participants in whose account with DTC interests in global certificates are credited and only in respect of such portion
of the aggregate principal amount of the global certificate as to which such DTC Participant or Participants has or have given such direction.

<div align='center'>86

INITIAL SEED CREATION INVESTOR</div>

21Shares US LLC (in such capacity, the “Initial Seed Creation
Investor”) is expected to purchase initial seed creation baskets comprising 20,000 Shares (the “Initial Seed Creation Baskets”)
at a per-Share price of $25.00. The total proceeds to the Trust from the sale of the Initial Seed Creation Baskets are expected to be
approximately $500,000.00. Such proceeds are expected to be used by the Trust to purchase XRP at or prior to the listing of the Shares
on the Exchange. In this capacity, the Initial Seed Creation Investor will act as a statutory underwriter in connection with this purchase.
The XRP acquired in connection with the Initial Seed Creation Baskets will be held by the XRP Custodians. The price of the Shares comprising
the Initial Seed Creation Baskets will be determined as of the effective date of the registration statement of which this Prospectus forms
a part as described in this Prospectus, and such Shares could be sold at different prices if sold by the Initial Seed Creation Investor
at different times. It is anticipated that the Initial Seed Creation Investor may redeem its Shares or sell its Shares to a third party
in the weeks following the initial listing of Shares on the Exchange. The Initial Seed Creation Investor may sell some or all of its Shares
pursuant to the registration statement of which this Prospectus forms a part (in such capacity, the “Selling Shareholder”),
which Shares will have been registered to permit the resale from time to time after purchase. The Trust will not receive any of the proceeds
from the resale or redemption by the Selling Shareholder of these Shares. The Sponsor will not receive from the Trust or any of its affiliates
any fee or other compensation in connection with the