Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 173

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 173
---
odian or its affiliates through written public statements on such XRP Custodian’s website, the XRP Custodians
do not support airdrops, metacoins, colored coins, side chains, or other derivative, enhanced or forked protocols, tokens or coins, which
supplement or interact with XRP.

Under the Trust Agreement,
the Sponsor has the right, in its sole 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, and the Trust may take any lawful action necessary or desirable in connection
with the Trust’s ownership of Incidental Rights, including the acquisition of IR Virtual Currency, as determined by the Sponsor
in the Sponsor’s sole discretion, unless such action would adversely affect the status of the Trust as a grantor trust for U.S. federal
income tax purposes or otherwise be prohibited by the Trust Agreement. With respect to any fork, airdrop or similar event, the Sponsor
will cause the Trust to irrevocably abandon the Incidental Rights or IR Virtual Currency. In the event the Trust seeks to change this
position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules.

<div align='center'>79</div>

With respect to any fork,
airdrop or similar event, the Sponsor will cause the Trust to irrevocably abandon the Incidental Rights or IR Virtual Currency. In the
event the Trust seeks to change this position, an application would need to be filed with the SEC by the Exchange seeking approval to
amend its listing rules.

Under each of the Custodial Services Agreements, the XRP Custodians’ liability is limited. With respect to the Coinbase Custodial Services
Agreement, the Coinbase Custodian’s liability is as follows: (i) other than with respect to claims and losses arising from
spot trading of XRP, fraud, willful misconduct, and the Mutually Capped Liabilities, the Coinbase
Custodian’s aggregate liability under the Coinbase Custodial Services Agreement shall not exceed the greater of (A) the greater
of (x) $100 million and (y) the aggregate fees paid by the Trust to the Coinbase Custodian in the 12 months prior
to the event giving rise to the Coinbase Custodian’s liability, and (B) the value of the affected XRP or cash giving rise
to the Coinbase Custodian’s liability; (ii) the Coinbase Custodian