Fifth XRP Spot ETF on the Way After CBOE Approval of 21Shares Application

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Fifth XRP Spot ETF on the Way After CBOE Approval of 21Shares Application

Once live, the ETF will track the CME CF XRP-Dollar Reference Rate (New York Variant), giving investors exposure to XRP via a regulated fund structure without handling the asset directly.

By Shaurya Malwa|Edited by Stephen Alpher

Updated Dec 11, 2025, 3:43 p.m. Published Dec 11, 2025, 1:01 p.m.

What to know:

• The Cboe BZX Exchange has certified approval for listing 21Shares' proposed XRP exchange-traded fund, moving it closer to launch.
• The ETF, trading under the ticker TOXR, will allow investors to gain exposure to XRP without directly handling the asset, using a regulated fund structure.
• Ripple Markets has seeded the fund with 100 million XRP, and the ETF's launch coincides with a new XRP Ledger upgrade aimed at enhancing network stability and DeFi functionality.

21Shares’ proposed XRP exchange-traded fund moved a step closer to launch after the Cboe BZX Exchange formally certified its approval for listing, according to a new S-1/A amendment filed with the U.S. Securities and Exchange Commission on Monday.

The fund, which will trade under the ticker TOXR, will become the fifth spot XRP product to secure exchange approval as the SEC continues to review registration materials.

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Once live, the ETF will track the CME CF XRP-Dollar Reference Rate (New York Variant), giving investors exposure to XRP via a regulated fund structure without handling the asset directly. The product will custody XRP through Coinbase Custody, Anchorage Digital Bank and BitGo, and charges a 0.30% sponsor fee paid in XRP.

Ripple Markets seeded the fund with 100 million XRP — roughly $226 million at the reference rate disclosed in the filing — enabling initial creation and redemption activity. Authorized participants will be able to create or redeem shares either in-kind or in cash, giving liquidity providers more flexibility than many early crypto ETP structures allowed.

The listing milestone comes as U.S. spot XRP ETFs approach $1 billion in cumulative inflows less than a month after launching. Across the category, issuers have recorded no net outflow days, an unusual pattern for a new digital-asset segment and one that suggests sticky early demand from wealth platforms and institutional allocators.

The ETF momentum coincides with a new XRP Ledger upgrade focused on network stability and expanded DeFi functionality, which may further boost demand for the token.

While incremental, the changes are part of Ripple’s push to position the ledger as a more reliable settlement layer for institutions that may lean on ETF products as a compliance-friendly access point to XRP.

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