21Shares’ proposed XRP exchange-traded fund is one step closer to launching after the Cboe BZX exchange officially approved its listing, according to a new S-1/A amendment filed with the U.S. Securities and Exchange Commission on Monday.
The fund, which will trade under the ticker TOXR, will become the fifth spot XRP product to receive exchange approval as the SEC continues to review registration materials.
Once live, the ETF will track the CME CF XRP USD Reference Rate (New York version), giving investors exposure to XRP through a regulated fund structure without having to deal with the asset directly. The product will host XRP via Coinbase Custody, Anchorage Digital Bank, and BitGo, with a sponsorship fee of 0.30% paid in XRP.
Ripple Markets injected 100 million XRP (approximately $226 million at the reference rate disclosed in the document) into the fund, enabling initial creation and redemption activity. Authorized participants will be able to create or redeem shares in physical or cash terms, giving liquidity providers greater flexibility than many early crypto ETP structures allowed.
This listing milestone comes as cumulative inflows to the U.S. spot XRP ETF are approaching $1 billion less than a month after its launch. Across the category, issuers recorded no days of net outflows, an unusual pattern for the new digital asset space and indicative of sticky early demand from wealth platforms and institutional allocators.
The ETF’s momentum coincides with a new XRP Ledger upgrade focusing on network stability and expanded DeFi features, which may further boost demand for the token.
While incremental, the changes are part of Ripple’s efforts to position the ledger as a more reliable settlement layer for institutions that may rely on ETF products as a compliance-friendly access point for XRP.