## Spot XRP ETF Race Heats Up: 21Shares Confirms Launch Details

The cryptocurrency market is witnessing a critical moment in institutional adoption. A leading asset management firm recently announced an imminent product launch targeting the XRP community, signaling that major developments are unfolding in the spot crypto ETF space. This move comes as competition intensifies among traditional finance players entering the digital asset market.

**The Filing Update and Product Specifications**

On November 20, 2025, 21Shares advanced its regulatory journey by submitting the latest amendment to its spot XRP product filing. The fund will trade under the ticker TOXR on the Cboe BZX Exchange with a management fee structure of 0.50%. The firm has committed to seeding the fund with 20,000 shares at $25 per share, representing an initial capital injection of $500,000. This move demonstrates institutional confidence in bringing spot XRP exposure to traditional markets.

**A Crowded But Growing Market**

The XRP ETF landscape has become increasingly competitive. Canary Capital and Bitwise have already launched their respective spot XRP ETF products in the U.S., collectively attracting $422 million in net inflows. The momentum doesn't stop there—Franklin Templeton and Grayscale Investments have their own spot XRP ETFs in preparation, with market analysts projecting potential launches around late November 2025. This convergence of institutional products reflects growing appetite among investors seeking regulated exposure to XRP.

**Timeline and Regulatory Path**

The journey to launch has faced typical regulatory hurdles. The U.S. government shutdown earlier in the year delayed approval timelines for several applicants. 21Shares addressed this by updating its S-1 filing on November 7, implementing procedural changes to enable auto-effective status. While debates persisted among analysts about precise launch dates, industry observers acknowledged that the regulatory framework appeared favorable for near-term debuts. The November 20 filing update reinforced market expectations that institutional XRP products would arrive imminently.

**What This Means for the Market**

The proliferation of spot XRP ETF options reflects a maturing market infrastructure. As traditional asset managers compete to capture institutional capital, retail and professional investors gain multiple regulated pathways to gain XRP exposure. The convergence of these launches suggests we're entering a new phase where digital assets like XRP transition from niche trading instruments to mainstream investment products accessible through traditional brokerage platforms.