21Shares, one of the world’s largest issuers of cryptocurrency exchange-traded products, has officially launched the 21Shares XRP ETF (ticker: TOXR) on the Cboe BZX Exchange. This marks a significant expansion of institutional-grade access to XRP, a digital asset widely used in cross-border payments.
The new ETF gives investors a direct way to gain exposure to XRP using their existing banks or brokerage accounts. With a total expense ratio of 0.30%, TOXR tracks the performance of XRP by holding the asset directly, and it is valued daily using the CME CF XRP—Dollar Reference Rate—New York Variant.
Although TOXR is fully backed by XRP, it is not registered under the Investment Company Act of 1940. This means it does not carry the same regulatory protections as traditional ’40 Act ETFs or mutual funds.
Its disclosures emphasize that XRP is a high-risk, volatile asset and that investors should be prepared for the possibility of losing their entire investment. The ETF also does not represent a direct investment in Ripple or its associated technologies.
A New Avenue for Institutional Exposure
Russell Barlow, CEO of 21Shares, said the firm’s goal is to give U.S. investors practical access to leading cryptocurrencies:
“21Shares is committed to providing U.S.-based investors with unparalleled access to the world’s leading cryptocurrencies, and this launch is another example of this effort.”
He added that the company’s experience managing crypto-backed ETPs globally has helped shape TOXR into a product suited for U.S. market standards.
The launch comes amid a surge in institutional interest in XRP. The digital asset is currently the fourth-largest cryptocurrency by market capitalization and has built a strong presence in international settlements due to its fast and low-cost transaction capabilities.
XRP technology is already connected to payment systems in more than 55 countries, and over 100 financial institutions are utilizing or testing its infrastructure.
Reinforced Security Through Multi-Custody
To support operational resilience and security, 21Shares uses a multi-custody model for TOXR and its other U.S. spot ETPs. Custodians include Coinbase, Anchorage Digital Bank, and BitGo—all firms known for regulatory compliance and institutional-grade safeguarding of digital assets.
Flow Traders serves as the lead market maker, ensuring liquidity and consistent pricing throughout trading hours. The firm’s participation helps make TOXR accessible to institutions that require reliable order execution and volume.
Federico Brokate, Global Head of Business Development at 21Shares, noted rising demand from U.S. investors:
“We are seeing increased demand from U.S.-based clients for diversified crypto exposure and expect adoption of cryptocurrencies to continue to rise… The launch of TOXR will play a meaningful role in satisfying the growing investor appetite for cryptocurrencies in the U.S. market.”
XRP ETF Momentum Builds After SEC Clarity
The debut of TOXR comes on the heels of a broader wave of XRP-linked investment products. The conclusion of the SEC vs. Ripple lawsuit and the introduction of the SEC’s generic listing standards paved the way for multiple issuers to roll out spot XRP ETFs and trusts.
Other issuers in the recent lineup include:
- Grayscale XRP Trust ETF (GXRP)
- Bitwise XRP ETF
- Franklin XRP ETF (XRPZ)
- Canary XRP Trust (XRPC)
- REX-Osprey XRP ETF (XRPR)
Additionally, multi-asset crypto index ETFs—such as Grayscale’s GDLC and Franklin’s EZPZ—have begun adding XRP allocations, a sign of growing recognition of XRP’s role in diversified crypto portfolios.
Rising Enterprise and Global Payment Use Cases
Beyond investment products, enterprise adoption of XRP continues to expand. Large institutions including Santander, Bank of America, and SBI Holdings have shown interest in technologies built around XRP and the XRP Ledger.
The factsheet for TOXR also highlights progress surrounding Ripple USD (RLUSD)—a fully USD-backed stablecoin issued on the XRP Ledger and regulated by the New York Department of Financial Services. RLUSD surpassed $1 billion in circulation within its first year, adding another layer of utility to the network.
21Shares emphasized that XRP’s utility in global settlements, tokenization frameworks, and cross-border payment trials by governments strengthens its profile as a long-term digital asset for institutional portfolios.
21Shares Expands Its U.S. Footprint
Since entering the U.S. market in 2022, 21Shares has accelerated its growth. As of November 2025, the company manages over $8 billion in assets and offers five ETPs in the United States. With TOXR now live, the firm continues to position itself as one of the most diversified, crypto-native issuers of regulated products worldwide.
In a statement posted to social platform X, 21Shares said:
“The 21Shares XRP ETF (TOXR) is now live, providing investors a liquid, transparent, and convenient way to gain exposure to XRP—a foundational asset in the future of global payments.”
The announcement was widely shared among the XRP community, with excitement from both retail and institutional participants who have long advocated for more accessible ways to invest in the asset.
What TOXR Means for the Market
The launch of the 21Shares XRP ETF is expected to increase liquidity and expand XRP’s presence within traditional finance. By offering a regulated, exchange-listed product that holds XRP directly, 21Shares lowers the barrier for banks, asset managers, and retail investors who cannot custody crypto themselves.
As institutions continue exploring digital assets and distributed payment networks, TOXR stands to become a key instrument linking traditional markets with blockchain-based finance.
