What changed in this filing

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Item 2. Unregistered Sales of Equity Securities

2026-05-13 compared with 2026-01-26 · 21 added, 16 removed, 2 unchanged (95% of the section changed)

Unregistered Sales of Equity Securities and Use of Proceeds

21Shares XRP ETF Shares are

listed on the Cboe BZX Exchange under the symbol “TOXR” and have been listed since December 11, 2025.

As of January 26, 2026, the Trust had 1 holder of record, Cede &

as nominee of The Depository Trust Company.

of Unregistered Securities and Use of Proceeds of Registered Securities

On December 10, 2025, the

Sponsor, in its capacity as Seed Capital Investor, purchased the Seed Creation Baskets comprising 20,000 Shares.

The total proceeds to

the Trust from the sale of the Seed Creation Baskets were $406,600.

Proceeds received by the Trust

from the issuance of Baskets consist of XRP.

Such deposits are held by the Custodians on behalf of the Trust until (i) delivered out in

connection with redemptions of Baskets;

or (ii) transferred or sold by the Sponsor, which may be facilitated by the Custodians, to pay

fees due to the Sponsor and Trust expenses and liabilities not assumed by the Sponsor.

Unregistered Sales of Equity Securities

and Use of Proceeds

b) Not applicable.

c) The Trust does not purchase Shares directly from its Shareholders.

In connection with its redemption of Creation Baskets held by Authorized

Participants, the Trust redeemed 403 Creation Baskets (comprising 4,030,000 Shares) during the quarter ended March 31, 2026.

The following

table summarizes the redemptions of Shares by Authorized Participants during the period:

number of shares

that may yet be

January 1, 2026 – January 31, 2026

February 1, 2026 – February 28, 2026

March 1, 2026 - March 31, 2026

Market Information

The Shares are listed on the

Exchange under the symbol “TOXR” and have been listed since December 11, 2025.

As of March 31, 2026, there

was approximately one DTC participating shareholder of record of the Trust.

Because most of the Trust’s Shares are held by brokers

and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record

Defaults Upon Senior Securities

Mine Safety Disclosures

Not applicable.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Unregistered Sales of Equity Securities