21Shares Joins XRP ETF Race with SEC Approval, TOXR Set to Launch

TLDR:

• 21Shares XRP ETF approved by SEC, launching on Cboe BZX next week.
• XRP ETF tracks CME CF XRP-Dollar rate, attracting institutional investors.
• Coinbase, BitGo, and BNY Mellon back 21Shares’ XRP ETF for secure trading.
• XRP ETFs grow with firms like Grayscale, Bitwise, and Franklin Templeton.
• 21Shares joins crypto ETF wave with SEC approval and strong infrastructure.

21Shares has secured approval from the U.S. Securities and Exchange Commission (SEC) for its XRP ETF. This approval allows the firm to move forward with launching the 21Shares XRP ETF, set to begin trading next week on the Cboe BZX Exchange under the ticker symbol “TOXR.” This marks a significant milestone in the growing trend of crypto exchange-traded funds (ETFs) in the U.S. The approval follows a filing by 21Shares on November 7, which utilized the SEC’s streamlined process following the recent government shutdown reversal.

XRP ETF to Launch on Cboe BZX Exchange

The 21Shares XRP ETF will track the CME CF XRP-Dollar Reference Rate, providing exposure to XRP’s spot prices. This pricing benchmark offers transparency and a solid methodology for institutional investors. Cboe BZX Exchange has already approved the listing of the ETF, which is now ready for launch. The ETF will be managed by 21Shares US LLC, which also serves as the initial seed capital investor.

The launch of the XRP ETF follows a trend set by other firms entering the market. Bitwise, Grayscale, and Franklin Templeton are also preparing to launch their own XRP ETFs. Each firm is working toward securing its position in the emerging crypto investment space, with 21Shares now joining this competitive group.

Custodians and Service Providers for TOXR ETF

The 21Shares XRP ETF will benefit from support from several high-profile custodians and service providers. Coinbase Custody, Anchorage Digital Bank, and BitGo Trust will serve as the digital asset custodians for the ETF. BNY Mellon will handle the cash custody, administration, and transfer agent functions for the trust. Additionally, Foreside Global Services will manage the marketing of the product.

These partnerships ensure a robust infrastructure for the XRP ETF, which is designed to attract institutional investors seeking exposure to XRP through regulated financial vehicles. By leveraging well-established service providers, the 21Shares XRP ETF aims to provide a secure and transparent platform for investors to gain exposure to XRP in a compliant manner.

As 21Shares prepares for its ETF launch next week, the company positions itself among a select group of firms that are reshaping the landscape for crypto investments in the U.S. With its approval from the SEC and the backing of major custodians and service providers, the 21Shares XRP ETF is poised to offer a new option for investors interested in XRP.

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