XRP just took another step into the mainstream investment world.
The 21Shares XRP ETF has officially begun trading on CBOE under the ticker TOXR, becoming the fifth spot XRP ETF to secure exchange approval. To get the fund off the ground, Ripple Markets seeded it with 100 million XRP, valued at roughly $226 million, ensuring immediate liquidity for creation and redemption activity.
This is not a synthetic product.
TOXR tracks the CME CF XRP Dollar Reference Rate New York Variant, giving investors regulated exposure to XRP without the need to directly custody the token. On the security side, 21Shares opted for a three custodian model, with Coinbase Custody, Anchorage Digital Bank, and BitGo all playing a role.
Demand is already visible.
Federico Brokate, global head of business development at 21Shares, said the launch responds to growing investor appetite for crypto exposure inside U.S. markets. In his view, adoption could accelerate quickly as wealth platforms and institutions look to diversify through regulated crypto vehicles.
The fund structure reflects a more mature market.
TOXR carries a 0.30% sponsor fee, paid in XRP, and allows authorized participants to create or redeem shares using either in kind or cash transactions. That flexibility gives liquidity providers far more room to operate than earlier crypto ETP designs allowed.
The broader category is gaining traction fast.
Less than a month after launch, U.S. spot XRP ETFs have already attracted close to $1 billion in cumulative inflows. Notably, issuers have recorded zero net outflow days, a rare pattern that points to sustained demand from institutional allocators rather than short term traders.
The timing is also strategic.
The debut comes alongside a fresh XRP Ledger upgrade aimed at improving network stability and expanding decentralized finance capabilities. Ripple has framed these upgrades as strengthening the ledger’s appeal for institutional use, particularly as ETFs become a compliance friendly access point.
Competition is heating up.
In recent weeks, multiple firms have rolled out XRP ETFs, including offerings from Grayscale, Canary Capital, and REX Shares. XRP itself remains best known for enabling low cost cross border payments, with Ripple Labs designing the network specifically for international money transfer efficiency.
For 21Shares, this launch fits a broader strategy.
The firm already operates several crypto ETFs, including a Solana focused product, and continues to expand its lineup across major blockchain ecosystems. According to the company, TOXR is designed to meet rising demand for exposure to XRP and the wider Ripple ecosystem through familiar, regulated investment channels.
For investors, XRP no longer sits on the sidelines. It is increasingly being packaged for Wall Street.
