XRP Spot ETF Race Heats Up: 21Shares Makes Major Move Ahead of Market Launch

The cryptocurrency ETF landscape is entering a new phase with institutional-grade products competing for market dominance. Recently, 21Shares made waves by signaling an imminent product launch with cryptic messaging to the XRP community, setting tongues wagging across crypto forums and trading desks.

The Filing Confirmed: TOXR Ticker and Launch Details

On November 20, the strategic announcement became concrete. 21Shares finalized its exchange listing application, revealing that the product will trade on Cboe BZX Exchange under ticker symbol TOXR. This marks a significant milestone in bringing institutional-grade XRP exposure to mainstream investors.

The economics are clear: the fund carries a 0.50% annual management fee, with 21Shares committing to purchase 20,000 seed creation units at $25 each—representing an initial $500,000 capital injection. These details suggest a confident launch strategy from the asset manager.

Navigating the Regulatory Path

The road to launch wasn’t without friction. A U.S. government shutdown earlier this year slowed regulatory timelines, forcing 21Shares to adapt its approach. The firm filed amendments to its S-1 documentation in early November seeking auto-effective status, a move that reshuffled market expectations about launch timing.

Initial projections suggested a late-November debut, though regulatory language delayed that timeline. By mid-November, market observers revised their forecasts, with some suggesting the launch window had shifted toward the final week of the month.

Intensifying Competition and Market Opportunity

21Shares isn’t entering an empty market. Canary Capital and Bitwise currently operate competing spot XRP ETF products in the U.S., collectively pulling in $422 million in net inflows—evidence of genuine investor appetite.

The competitive pressure is mounting. Both Franklin Templeton and Grayscale Investments have signaled their own XRP ETF launches, with November 24, 2025 emerging as a potential timing marker. This wave of institutional products suggests the market has reached a maturation point where multiple players can coexist.

What This Means for the Market

The proliferation of spot XRP ETF options represents a watershed moment. Each new entrant validates market demand while simultaneously fragmenting available capital. For XRP investors, the outcome is clear: improved access, lower friction, and greater legitimacy through institutional channels—factors that could reshape how the asset is perceived by traditional finance participants.