21Shares XRP Spot ETF Nears Launch After Cboe Approval

21Shares’ proposed XRP exchange-traded fund (ETF) moved a step closer to launch after the Cboe BZX Exchange formally certified its approval for listing, according to an S-1/A amendment filed with the U.S. Securities and Exchange Commission on Monday. The fund will trade under the ticker TOXR, becoming the fifth spot XRP product to gain exchange approval as the SEC continues reviewing registration materials.

Once live, the ETF will track the CME CF XRP-Dollar Reference Rate (New York Variant), offering investors regulated exposure to XRP without the need to hold the asset directly. XRP will be custodied through Coinbase Custody, Anchorage Digital Bank, and BitGo, with a 0.30% sponsor fee payable in XRP.

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

The 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, signaling strong early demand from wealth platforms and institutional investors.

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. The enhancements form part of Ripple’s broader push to position the ledger as a reliable settlement layer for institutions, offering ETF products as a compliance-friendly gateway to XRP.