21Shares is accelerating its plans for a spot XRP ETF. According to the latest filing with the U.S. Securities and Exchange Commission (SEC), the issuer has made a fifth amendment to the S-1 filing, completed key pre-listing adjustments, and lowered the management fee from 0.50% to 0.30% to enhance market competitiveness. Currently, the ETF is expected to list under the ticker symbol “TOXR” on the CBOE BZX Exchange, but is still awaiting final approval.
The 21Shares XRP ETF will join an expanding lineup of XRP ETFs alongside institutions such as Canary, Grayscale, and Bitwise. As the total assets under management (AUM) for spot XRP ETFs approach $1 billion, market competition is intensifying. Bitwise, Franklin Templeton, and Grayscale have all introduced various management fee waivers, with Franklin Templeton’s XRPZ offering the lowest fee at just 0.19% and the longest waiver period. In contrast, 21Shares has yet to announce any fee reduction policy.
The filing shows that 21Shares US LLC acquired 20,000 shares as seed shares at $25 per share. Meanwhile, the 8-A form for the 21Shares XRP ETF became effective automatically last month, indicating the trust structure has been approved to operate. Its investment objective is to track the CME CF XRP-USD benchmark price, providing exposure linked to spot XRP.
In terms of custody structure, Anchorage Digital Bank and BitGo Trust will jointly serve as crypto asset custodians, BNY Mellon will be responsible for cash custody and transfer management, and Foreside Global Services will act as the marketing agent.
Despite continued inflows into ETFs, the price of XRP remains under some pressure. XRP is currently fluctuating above $2.05, with an intraday range of $2.05 to $2.12. Trading volume has fallen 8% in the past 24 hours, reflecting a more cautious market sentiment ahead of the FOMC meeting and the release of U.S. employment data.
Sentiment in the derivatives market is also mixed. CoinGlass data shows that XRP futures open interest (OI) dropped about 2% to $3.62 billion over 24 hours, while 4-hour OI saw a slight increase of 0.15%.
With regulatory approvals advancing and competition among ETF products intensifying, the market is closely watching the listing time of TOXR and its potential impact on XRP liquidity.
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