21shares Broadens US Spot Crypto Lineup with the Launch of XRP ETF (TOXR)

Core Viewpoint - 21shares has launched the 21Shares XRP ETF (TOXR) on CBOE, allowing investors to gain exposure to XRP through traditional banking and brokerage channels, highlighting the potential of XRP in cross-border transactions and global payments [1][2]. Company Overview - 21shares is one of the largest issuers of cryptocurrency exchange-traded products (ETPs) globally, with a focus on making cryptocurrencies accessible to investors and bridging traditional finance with decentralized finance [6]. - The company has over $8 billion in assets under management (AUM) as of November 2025 and offers five ETPs in the U.S. market [5]. Product Details - TOXR has a total expense ratio (TER) of 0.30% and tracks the performance of XRP, which is currently the fourth largest cryptocurrency by market capitalization [1][2]. - The ETF is not registered under the Investment Company Act of 1940, meaning it is not subject to the same regulations as traditional ETFs [2]. Market Context - XRP is utilized by over 100 financial institutions and is actively connecting payment systems in more than 55 countries, indicating its growing institutional adoption due to its speed and cost efficiency [2]. - The demand for diversified crypto exposure among U.S.-based clients is increasing, and the launch of TOXR aims to meet this growing investor appetite [5]. Risk Management - 21shares employs a multi-custody approach for its U.S. spot crypto ETPs, partnering with custodians like Coinbase, Anchorage Digital Bank, and BitGo to enhance security and operational excellence [3]. - Flow Traders acts as the lead market maker for TOXR, providing liquidity and institutional access to crypto markets [4].