21Shares, one of the world’s largest issuers of crypto exchange-traded products, has secured automatic approval for its new XRP exchange-traded fund, paving the way for trading to begin as early as next week. The approval followed the firm’s 8-A filing with the U.S. Securities and Exchange Commission, enabling the ETF to launch without undergoing further review.
The product will debut on the Cboe BZX Exchange under the ticker “TOXR”, pending final listing certification. The exchange has already approved the application, according to the regulatory filing. The ETF’s registration stems from an S-1 submission on November 7, which appears to have benefited from accelerated processing under the SEC’s post-shutdown guidance.
Key details such as the management fee and any introductory fee waivers remain undisclosed. By contrast, peers rolling out similar XRP ETFs—including Bitwise, Franklin Templeton, and Grayscale—have revealed their fees, with Franklin’s XRPZ posting the lowest at 0.19%.
TOXR ETF Structure and Custody Partners
The ETF aims to track spot XRP prices, using the CME CF XRP-Dollar Reference Rate to benchmark daily valuation. The trust will rely on a consortium of high-profile custodians to manage assets and operational flows.
Core operational partners include:
- Coinbase Custody, Anchorage Digital Bank, and BitGo Trust as crypto custodians
- BNY Mellon as cash custodian, administrator, and transfer agent
- Foreside Global Services as marketing agent
To support the ETF’s initial creation, 21Shares US LLC intends to purchase the first 10,000-share seed basket. Additional ETF entrants are preparing to launch as well: Bitwise’s XRP ETF will trade on NYSE Arca under “XRP” beginning November 20, while Grayscale and Franklin Templeton plan Monday launches.
XRP Market Responds to ETF Momentum
XRP rallied strongly in response to the surge of ETF approvals. The token climbed 5% in the past 24 hours after a sharp 9% decline earlier in the week. It currently trades at $2.12, marking an intraday range of $2.01 to $2.17.
Rising demand is evident in trading activity:
- Spot volume is up 26% in 24 hours
- Total XRP futures open interest: +0.30% to $3.38B
- CME 4-hr open interest: +0.56%
- Binance 4-hr open interest: –1.17%
Derivatives data from CoinGlass shows elevated selling pressure earlier in the day, though ETF-driven optimism has helped stabilize sentiment.
With multiple XRP ETFs set to hit U.S. exchanges within days, investors are watching closely to see whether institutional inflows can sustain the token’s recent rebound.