The Swiss issuer 21Shares launched its XRP Exchange Traded Fund (ETF) on Wednesday under the ticker TOXR on the Cboe BZX Exchange. The product expands the growing segment of crypto ETFs in the United States and marks the fifth approved spot XRP ETF in the American market.
The management fee of the product is 0.3 percent per year. With the launch of TOXR, 21Shares surpasses USD 8 billion in assets under management (AuM) in 2025, further solidifying its position as the world’s largest provider of crypto Exchange Traded Products (ETPs). The portfolio comprises a total of 54 products in Europe, alongside a rapidly expanding US offering.
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Multi-custody structure for institutional security
The 21Shares XRP ETF tracks the CME CF XRP-Dollar Reference Rate – New York Variant as its regulated benchmark. Custody of the XRP holdings is distributed across three specialized custodians: Coinbase Custody, Anchorage Digital Bank, and BitGo Trust Company. This multi-custody strategy serves as a core risk management measure and differentiates the fund from single-custodian solutions offered by other providers.
The fee structure предусматривает a daily accrual and a weekly payment of the 0.3 percent annual fee in XRP. Ripple Markets strengthened the fund’s initial liquidity through a seed investment of 100 million XRP, equivalent to approximately USD 226 million at current prices.
21Shares brings seven years of experience in the crypto ETP market to its US business. In 2018, the company listed the world’s first physically backed crypto ETP. Today, it controls around 50 percent of the European crypto ETP market and is listed on SIX Swiss Exchange, Euronext Paris, Deutsche Börse Xetra, and the London Stock Exchange.
XRP ETF market records nearly USD 1 billion in inflows
Since their launch on 14 November 2025, the US XRP ETF market has developed into the fastest-growing segment within the crypto ETF space. The five approved products – Canary Capital (XRPC), Grayscale (GXRP), Bitwise (XRP), Franklin Templeton (XRPZ), and now 21Shares (TOXR) – recorded cumulative net inflows of USD 897 million by 11 December 2025. Combined assets under management have since surpassed USD 1 billion, with a total of 498 million XRP tokens under management.
Market leadership is held by Canary Capital with USD 359 million in AuM, followed by Grayscale with USD 211 million and Bitwise with USD 185 million. Franklin Templeton manages USD 132 million, while REX-Osprey holds USD 108 million. On their first trading day, Grayscale and Franklin Templeton each recorded inflows exceeding USD 60 million. XRP ETF inflows significantly exceed those of Solana ETFs, which have attracted USD 568 million since October 2025. As a result, XRP is establishing itself as the leading altcoin ETF category after Bitcoin and Ethereum.
Fee competition in the XRP ETF segment ranges from 0.19 percent (Franklin Templeton, fully waived until May 2026 for the first USD 5 billion) to 0.75 percent. With a fee of 0.3 percent, 21Shares positions itself in the mid-range while undercutting higher-cost competitors.
Regulatory clarity as a catalyst for institutional adoption
The ETF approvals are based on the regulatory clarity achieved through the settlement of the SEC lawsuit in May 2025. Ripple and the Securities and Exchange Commission (SEC) withdrew their appeals in August after the SEC officially dropped its appeal on 19 March. The final settlement of 8 May 2025 included a penalty payment of USD 50 million, a significant reduction from the USD 125 million fine originally imposed in August 2024.
Judge Analisa Torres ruled that the sale of XRP to retail investors does not constitute a security. However, certain institutional sales fall under securities laws. A permanent injunction prohibits further direct institutional XRP sales in the United States. This decision ended the five-year legal dispute that began in December 2020.
In July 2025, SEC Chair Paul Atkins announced “Project Crypto”, an initiative aimed at modernizing securities regulation for digital assets. This marked a departure from the enforcement-focused approach of the previous administration. ProShares launched the first SEC-approved XRP Ultra ETF in July 2025, followed by the approval of spot ETFs starting in November 2025.
Market outlook and institutional growth potential
Some analysts project inflows of USD 5 to 7 billion into XRP ETFs by 2026. The rapid accumulation of nearly USD 1 billion in less than one month indicates strong institutional interest. XRP is currently trading at around USD 2.00. Previously, the token rose from USD 0.50 between October 2024 and January 2025 to an all-time high of USD 3.40. The current consolidation around the psychologically important USD 2 level follows a decline of more than 40 percent from the peak.
The launch of 21Shares TOXR expands the product spectrum available to institutional investors while underscoring the increasing integration of digital assets into traditional portfolios. 21Shares’ multi-custody model sets new standards for security and operational excellence in the US crypto ETF market.
