Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 190

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 190
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 the
Lock-up Period, Ripple Markets may, to the extent permitted by applicable laws, be permitted to redeem Shares in accordance with the
Trust Agreement.

Registration Rights Agreement

In connection with the
Ripple Subscription Agreement, the Trust and Ripple Markets entered into a registration rights agreement, dated December 17, 2024 (the
“Registration Rights Agreement”). Under the Registration Rights Agreement, the Trust has agreed to file an S-3 registration
statement if requested by Ripple Markets after the Lock-up Period expires. The Trust must file within sixty days of the Sponsor receiving
Ripple Markets’ written request.

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CREATION AND REDEMPTION OF SHARES</div>

The Trust creates and redeems
Shares from time to time, but only in one or more Baskets. Baskets are only made in exchange for delivery to the Trust or the distribution
by the Trust, in the event of an in-kind transaction, the amount of XRP represented by the Baskets being created or redeemed, or in the
event of a cash transaction, the amount of cash equivalent to the amount of XRP represented by the Baskets being created or redeemed,
the amount of which is based on the quantity of XRP attributable to each Share of the Trust (net of accrued but unpaid Sponsor Fees and
any accrued but unpaid extraordinary expenses or liabilities) being created or redeemed determined as promptly as practicable after 4:00 p.m.
ET on the day the order to create or redeem Baskets is properly received. For in-kind purchases, Authorized Participants will deliver,
or arrange for the delivery by the Authorized Participant’s designated agent of, XRP to the Trust’s account with the XRP
Custodians in exchange for Shares. For in-kind redemptions, when Authorized Participants redeem Shares with the Trust, the Trust, through
the XRP Custodians, will deliver XRP to such Authorized Participants or a designated agent thereof, in exchange for their Shares.

Authorized Participants are
the only persons that may place orders to create and redeem Baskets. Authorized Participants must be (1) registered broker-dealers
or other securities market participants, such as banks and other financial institutions, which are not required to register as broker-dealers
to engage in securities transactions described below, and (2) DTC Participants. On May 15, 2025, the staff of the SEC’s Division
of Trading and Markets stated that broker-dealers are permitted to facilitate in-kind creations and redemptions in