Asset managers continue launching spot XRP exchange-traded funds. 21Shares is the latest, after the Cboe BZX Exchange approved the listing of its 21Shares XRP ETF in an S-1/A amendment filed with the U.S. Securities and Exchange Commission. The fund will trade under the ticker TOXR and is the fifth spot XRP investment vehicle to debut in the United States.
TOXR is designed to track the CME CF XRP–Dollar Reference Rate (New York Variant), offering institutional exposure to XRP via a regulated fund structure without requiring direct token custody. Coinbase Custody, Anchorage Digital Bank, and BitGo will serve as custodians for the ETF’s XRP holdings. The fund charges a 0.30% sponsor fee, calculated daily and paid weekly in XRP.
Ripple Markets is currently the sole shareholder of the XRP trust, holding 10,000,000 shares acquired at a purchase price of 100 million XRP, valued at roughly $226 million at the reference rate disclosed in the filing.
Other firms — including Grayscale, Canary Capital, Bitwise, and Franklin Templeton — have launched spot XRP ETFs in recent weeks. U.S.-listed XRP funds are approaching $1 billion in assets under management less than a month after their launch, and reportedly have not recorded any net outflow days, indicating sustained institutional demand amid clearer regulatory footing.
Despite ETF momentum, XRP’s price has lagged. The Federal Reserve’s 25 basis-point rate cut did not trigger a crypto rally. At the time of reporting, XRP traded around $1.99, down about 7.2% over the past week and more than 45% below its $3.65 July peak.
