The Cboe BZX Exchange has approved 21Shares’ application to list a new spot XRP exchange-traded fund after the issuer filed an S-1/A amendment with the U.S. Securities and Exchange Commission. The fund will trade under the ticker TOXR and becomes the fifth spot XRP ETF to launch in the United States.
TOXR is structured to track the CME CF XRP–Dollar Reference Rate (New York Variant), providing institutional exposure to XRP through a regulated fund format without requiring investors to directly custody tokens. Coinbase Custody, Anchorage Digital Bank, and BitGo are named as custodians for the ETF’s XRP holdings. The fund applies a 0.30% sponsor fee, calculated daily and paid weekly in XRP.
According to the filing, Ripple Markets is currently the sole shareholder of the XRP trust, holding 10,000,000 shares purchased for 100 million XRP. At the reference rate disclosed in the filing, that stake is valued at roughly $226 million.
Several other managers have launched spot XRP ETFs in recent weeks, including Grayscale, Canary Capital, Bitwise, and Franklin Templeton. Collectively, U.S.-listed XRP funds are nearing $1 billion in assets under management less than a month after debuting, and they reportedly have not experienced any net outflow days — a sign of sustained institutional demand and clearer regulatory footing.
Despite the wave of ETF launches, XRP’s market price has lagged. The Federal Reserve’s 25 basis-point rate cut did not trigger a broad crypto rally, and at the time of reporting XRP was trading around $1.99, down about 7.2% over the past week and more than 45% below its July high of $3.65.
