TL;DR:
- Cboe approval clears 21Shares’ TOXR fund to list as the fifth U.S. XRP ETF, deepening market for regulated XRP exposure.
- TOXR tracks the CME CF XRP Dollar Reference Rate, charges a 0.3% sponsor fee and relies on Ripple Markets’ 100 million XRP for liquidity.
- Existing U.S. XRP ETFs have pulled in about $954 million with no outflow days, as Ripple touts XRP as the fastest growing crypto ETF since Ethereum.
Momentum around U.S. XRP investment products is accelerating again, as a fifth exchange traded fund prepares to enter the market following a key regulatory milestone, with the Cboe signing off on 21Shares’ planned XRP vehicle and clearing it to list once final procedural steps are complete. The move deepens an already crowded field where new products have drawn hundreds of millions of dollars in a matter of weeks.
Structure, liquidity and flows behind the new TOXR fund
The latest filing confirms that the fund will trade under the ticker TOXR on the Cboe, positioning 21Shares’ spot product alongside earlier XRP ETFs that have launched in rapid succession and signalling that investor demand is strong enough to support a broader lineup of regulated options. Rather than arriving via splashy marketing, the approval surfaced quietly through documentation showing the fund is now eligible for listing once remaining conditions are met.
Structurally, the TOXR product is built around the CME CF XRP Dollar Reference Rate used by institutional benchmarks, giving traders and allocators a way to follow XRP’s performance directly through a regulated wrapper without having to secure or store the underlying tokens themselves. Its economics include a 0.3% annual sponsor fee, calculated on a daily basis and settled every week in XRP, aligning the fund’s operations directly with on chain flows.
Liquidity support has also been engineered from the outset. Ripple Markets has seeded the vehicle with 100 million XRP, valued at roughly $226 million, ensuring a deep pool of assets for creation and redemption processes that can be handled either via direct XRP transfers or through cash based mechanisms depending on participant preference. The launch follows multiple amendments to 21Shares’ S 1 registration as the issuer fine tuned the product in the run up to approval.
Even before TOXR goes live, existing U.S. XRP ETFs are posting striking numbers, with combined inflows climbing to about $954 million and not a single day of net outflows recorded so far, a pattern Ripple CEO Brad Garlinghouse cites as evidence that XRP has become the fastest growing U.S. crypto ETF category by assets since Ethereum first captured comparable institutional interest. Analysts say the surge reflects demand for regulated exposure that removes custody frictions, arriving as Ripple rolls out an XRP Ledger upgrade aimed at strengthening the network and enabling advanced DeFi use cases.
