Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 2

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 2
---
 beneficial interest (the “Shares”) that are
anticipated to be listed on the Cboe BZX Exchange, Inc. (the “Exchange”). The Trust is a passive investment vehicle that
does not seek to generate returns beyond tracking the price of XRP. This means the Sponsor does not speculatively sell XRP at times
when its price is high or speculatively acquire XRP at low prices in the expectation of future price increases. It also means the Trust
will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective. The Trust’s investment
objective is to seek to track the performance of XRP, as measured by the performance of the CME CF Ripple — Dollar Reference
Rate — New York Variant (“Pricing Benchmark”), adjusted for the Trust’s expenses and other liabilities.
The Pricing Benchmark is calculated by CF Benchmarks Ltd. (the “Benchmark Provider”) based on an aggregation of executed
trade flow of major XRP trading platforms (“Constituent Exchanges”). The Pricing Benchmark is designed to reflect the performance
of XRP in U.S. dollars. In seeking to achieve its investment objective, the Trust will hold XRP and will value its Shares daily
based on the Pricing Benchmark. 21Shares US LLC (the “Sponsor”) is the sponsor of the Trust, CSC Delaware Trust Company
(the “Trustee”) is the trustee of the Trust, and Coinbase Custody Trust Company, LLC (“Coinbase Custody”) (the
“XRP Custodian”) is the XRP custodian for the Trust, and will hold all of the Trust’s XRP on the Trust’s behalf.

The Trust is an exchange-traded
fund. Barring a liquidation or extraordinary circumstances, the Trust does not intend on purchasing or selling XRP other than in connection
with the creation and redemption of Shares. The Sponsor may also sell XRP to pay certain expenses, which may be facilitated by the Prime
Broker or any other prime brokers with whom the Trust contracts.

When the Trust sells or redeems
its Shares, XRP will be transferred into or out of the Trust, as applicable, in exchange for blocks of [●] Shares (a “Basket”)
that are based on the quantity of XRP attributable to each Share of the Trust (net of accrued but unpaid Sponsor Fees (defined below)
and any accrued but unpaid extraordinary expenses or liabilities).

Financial firms that are
authorized to purchase Shares from or redeem Shares to the Trust (known as “Authorized Participants