TLDR
- CBOE approves 21Shares’ XRP ETF, TOXR, set to launch soon in U.S. markets.
- TOXR’s low 0.30% management fee increases access to institutional investors.
- 21Shares’ XRP ETF addresses custody risks with multiple custodians for security.
- Ripple Markets provides 100 million XRP for liquidity, ensuring fund stability.
The approval of 21Shares’ XRP ETF by the CBOE marks a major milestone in the growing institutionalization of cryptocurrencies. Set to trade under the ticker “TOXR,” this spot XRP fund offers investors a regulated, low-cost entry into the world of digital assets. With its competitive fee structure and institutional-grade custody, TOXR is positioned to drive increased liquidity and adoption for XRP in the traditional finance space.
Approval of 21Shares XRP ETF
The CBOE BZX Exchange has approved the listing of 21Shares’ upcoming XRP ETF, under the ticker TOXR. This approval represents the latest step in the institutionalization of XRP, which continues to evolve into a more mainstream financial asset. The approval came on December 10, 2025, after 21Shares met all requirements for the fund’s registration and listing.
The TOXR ETF will provide institutional investors with direct exposure to XRP without the need for them to directly manage or store the cryptocurrency. The fund is expected to begin trading on the CBOE BZX Exchange once it meets all final regulatory requirements. 21Shares filed for approval after making its fifth amendment to the S-1 registration statement with the SEC earlier this week.
Regulatory and Structural Features of TOXR
21Shares has worked diligently to address both regulatory concerns and institutional needs. The fund charges a 0.30% management fee, a competitive figure designed to appeal to large institutional investors. By lowering the cost to enter XRP investments, 21Shares aims to attract more capital into the space.
TOXR’s structure is built to satisfy institutional investor requirements for security and compliance. Physical XRP will be held with custodians like Coinbase Custody, Anchorage Digital Bank, and BitGo Trust, which have established reputations in the cryptocurrency sector.
BNY Mellon will handle the fund’s traditional financial infrastructure, including cash management and operations. This hybrid approach aims to ease concerns about custody risks while making XRP accessible within the established frameworks of traditional finance.
Liquidity and Market Dynamics of the ETF
The approval of the 21Shares XRP ETF comes at a time when XRP is attracting increasing institutional interest. Ripple Markets has committed to providing an initial liquidity foundation for the fund by supplying 100 million XRP, currently valued at $226 million. This liquidity will play a crucial role in ensuring the smooth operation of the ETF when it begins trading.
The presence of the ETF on CBOE could potentially alter XRP’s liquidity profile. As the ETF allows investors to gain exposure to XRP without physically owning or managing it, this might reduce the amount of XRP traded on traditional exchanges, potentially creating upward pressure on the asset’s price. With increasing institutional interest, analysts speculate that XRP could see its price range between $2.70 and $3.00.
Competitive Landscape and Industry Trends
The 21Shares XRP ETF is not alone in the race. The launch of this fund places it alongside others such as Franklin Templeton’s XRP ETF, which was introduced in November 2025. Grayscale’s XRP Trust also provides a similar product. The competition among these funds is likely to drive further innovation in the space, reducing fees and improving liquidity mechanisms for XRP investors.
As the fifth U.S. spot XRP ETF, TOXR’s success will be important not only for 21Shares but for the broader trend of crypto assets becoming more accepted by institutional investors. The ETF’s approval and the competitive environment indicate growing maturity in the market for cryptocurrency-based financial products.
The combination of regulated offerings, institutional-grade security, and a favorable fee structure makes TOXR an appealing option for both retail and institutional investors interested in XRP exposure.
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