Key Highlights
- Cboe BZX approves 21Shares’ spot XRP ETF, under the ticker TOXR, pending final SEC clearance.
- TOXR will track the CME CF XRP-Dollar Reference Rate for regulated XRP exposure.
- The ETF charges a 0.3% annual sponsor fee and uses a multi-custodian system.
Cboe BZX Exchange, one of the largest U.S. stock exchanges, has officially approved the listing of 21Shares’ upcoming spot XRP ETF.
According to a filing made with the U.S. Securities and Exchange Commission (SEC) on December 10, the ETF will trade under the ticker TOXR, but it won’t begin trading until the SEC gives its final go-ahead. The filing still contains a “delaying amendment,” which usually means the issuer is waiting for a final notice before launch.
At the end of November 2025, 21Shares also launched its U.S. Solana ETF (TSOL). The TOXR ETF allows investors to gain exposure to XRP through a brokerage account without holding the cryptocurrency directly.
ETF structure and features
The TOXR ETF, once it starts trading, will mirror the CME CF XRP-Dollar Reference Rate, New York Variant. This index is derived from completely regulated trading venues and offers a robust daily mark of XRP’s price.
The fund charges a 0.3% annual sponsor fee, accrued daily and paid weekly in XRP, and uses a multi-custodian system to reduce risk. Ripple Markets supplied 100 million XRP, valued at about $226 million, to provide initial liquidity, with share creation and redemption possible in XRP or cash.
U.S. spot XRP ETF market overview
The approval of TOXR brings the total number of U.S. spot XRP ETFs to five, reflecting growing institutional interest. This follows Franklin Templeton’s launch of its own spot XRP ETF in late November.
Over the past month, four additional U.S. spot XRP ETFs have launched on major stock exchanges.
- XRPC by Canary Capital on NASDAQ
- GXRP by Grayscale on the New York Stock Exchange (NYSE)
- XRP by Bitwise on NYSE
- XRPZ by Franklin Templeton on NYSE
XRPC holds actual XRP tokens in trust, while GXRP and Bitwise’s XRP ETF provide direct exposure to XRP through the NYSE. Together, these funds hold hundreds of millions of dollars in assets and let investors track the cryptocurrency’s performance without actually managing wallets or custody themselves.
Market performance
So far, U.S. spot XRP ETFs have shown strong performance, attracting significant investor interest.
According to SoSoValue, collective inflows into U.S. spot XRP ETFs have reached approximately $954 million, bringing the total close to the $1 billion milestone in just a few short weeks. Remarkably, these funds have not experienced a single day of net outflows, even during periods of market volatility.
In another development, Ripple has released an update for the XRP Ledger that enhances network stability and increases support for DeFi applications. It is targeted at setting the blockchain up for higher activity, improvement in security, and also allowing more sophisticated usage in the growing XRP ecosystem.
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