21Shares Secures Cboe Approval to Launch XRP ETF 'TOXR' with 100 Million XRP
Following SEC effectiveness of its S-1 filing, 21Shares launches its XRP ETF TOXR, expanding regulated crypto investment options and fostering competition in the U.S. market.
21Shares has officially launched its XRP ETF, TOXR, on the Cboe exchange after the SEC declared its S-1 registration effective. The fund tracks XRP's market performance and offers regulated access to Ripple's ecosystem. Ripple Markets seeded the ETF with 100 million XRP valued at about $226 million. Custody is handled by Coinbase Custody, Anchorage Digital Bank, and BitGo. The ETF charges a 0.30% sponsor fee in XRP and references the CME CF XRP-Dollar Rate (New York Variant) for valuation. The launch, part of five approved spot XRP products in the U.S., aims to boost crypto adoption and market competition.
- XRP ETF: An exchange-traded fund providing investors exposure to XRP without directly holding the cryptocurrency.
- Seed Funding (ETF): The initial capital or assets used to launch an exchange-traded fund, often provided by institutional investors or the issuer.
- CME CF XRP-Dollar Reference Rate: A benchmark rate tracking the USD price of XRP, calculated and published by CF Benchmarks under CME Group standards.