- SEC auto-approval fast-tracks 21Shares’ TOXR listing, positioning it among the first XRP ETFs.
- Multi-custodian structure with Coinbase, Anchorage, and BitGo anchors the ETF’s spot-price tracking.
- XRP volume and open interest jump as multiple ETF launches drive renewed institutional activity.
21Shares has received automatic approval from the US SEC to move forward with its Spot XRP ETF, which will trade on the Cboe BZX Exchange under the ticker TOXR. The product is expected to begin trading next week once the exchange issues final certification, and the filing marks a key move in bringing regulated XRP access to US investors.
SEC Approval and ETF Launch Timeline
21Shares received auto-effectiveness on its Form 8-A filing, allowing the firm to begin listing steps for its Spot XRP ETF. According to the filing, “an application for listing of the Shares of the Trust has been filed with and approved by Cboe BZX Exchange.” This filing permits the ETF to bypass a full review cycle, and the measure aligns with the SEC’s revised process after the government shutdown.
The issuer submitted its Form S-1 on November 7, and the timeline was accelerated under the updated review guidelines. The listing is now pending final certification from the exchange, and trading is expected to begin next week under the ticker TOXR. This places 21Shares among several issuers preparing XRP ETFs for public markets.
During the same period, Bitwise began trading its XRP ETF on NYSE Arca under the ticker XRP. Grayscale and Franklin Templeton will launch their XRP ETFs next week. Franklin Templeton’s XRPZ offers a 0.19% management fee, although 21Shares has not yet released its fee details.
Custody Structure and XRP Market Activity
The ETF aims to track spot XRP prices using the CME CF XRP-Dollar Reference Rate. The custodial framework will involve Coinbase Custody, Anchorage Digital Bank, and BitGo Trust. BNY Mellon will serve as the cash custodian and will also provide administrative and transfer services.
The initial seed creation basket of 10,000 shares will be purchased by 21Shares US LLC. XRP traded around $2.12 after a 5% rise in the last 24 hours. Trading volume increased by 26%, and traders responded to the approval of multiple XRP ETFs.
Coinglass data showed open interest at $3.38 billion, with varied movement across major exchanges. CME’s 4-hour open interest increased, while Binance recorded a slight decline, showing different levels of participation during the recent market activity.
