Cboe Greenlights 21Shares’ TOXR XRP ETF as Inflows Approach $1 Billion Milestone

The institutional gates are officially open for XRP.

Cboe BZX Exchange has cleared the 21Shares TOXR XRP ETF for listing, a regulatory nod that marks a watershed moment for the digital asset. This isn't just another filing—it's a direct conduit for traditional finance capital to flow into Ripple's native token, bypassing the usual crypto exchange hurdles.

The Nearly $1 Billion Signal

While the product awaits its effective date, the market has already cast its vote. Investor demand, measured through preliminary inflows and related instruments, is surging toward the $1 billion mark. That figure isn't speculative; it's a hard number reflecting tangible institutional interest that materialized even before the final regulatory checkmark.

More Than Just an Approval

This clearance does more than just list a new ticker. It validates XRP's evolving role beyond cross-border payments, framing it as a bona fide asset for diversified portfolios. The move cuts through the regulatory fog that has long surrounded the token, offering a compliant, familiar wrapper for funds that would never touch a private key.

The launch positions 21Shares at the forefront of the next ETF wave—one moving beyond Bitcoin and Ethereum. For the broader market, it's a precedent. If XRP can secure this path, other major altcoins are likely queuing up, their lawyers already drafting similar filings in a race for legitimacy that, ironically, makes the wild west of crypto look more like a regulated municipal bond desk every day.

The fuse is lit. Wall Street now has a sanctioned path to bet on Ripple's fate. Whether this injects lasting stability or simply creates a new, more liquid arena for volatility remains the billion-dollar question.

XRP ETF momentum continues to grow as Cboe approves 21Shares’ spot XRP fund for listing under the ticker TOXR, making it the fifth XRP ETF in the U.S. and pushing total inflows close to the $1 billion mark. 

Despite the strong demand, XRP’s price remains stuck below the $2.09–$2.10 resistance level with limited movement. Even so, U.S. spot XRP ETFs recorded over $170 million in weekly inflows with no outflows, showing solid institutional interest even as the price lags.

A New XRP ETF Ready to Launch

Cboe confirmed its approval through an SEC filing, clearing the final exchange requirement before trading can begin. The S-1 filing still includes a delaying amendment, but this is mostly procedural, indicating 21Shares is waiting for the final regulatory sign-off. Once launched, TOXR will join other recently introduced XRP ETFs, including Franklin Templeton’s fund.

The TOXR ETF will track the CME CF XRP-Dollar Reference Rate (New York Variant), giving investors regulated XRP exposure without the need to manage private keys or handle self-custody—one of the biggest hurdles for traditional investors.

Inside the TOXR Structure

The ETF has a 0.3% annual sponsor fee, calculated daily and paid weekly in XRP. It also uses a multi-custodian model with Coinbase Custody, Anchorage Digital Bank, and BitGo Trust Company, following regulatory best practices for crypto asset security.

Ripple Markets has strengthened the fund’s liquidity by seeding it with 100 million XRP (worth about $226 million), giving TOXR unusually strong backing from the start. The fund supports both in-kind XRP creation/redemption and cash settlements, offering flexibility for institutional players.

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XRP ETFs Closing in on $1 Billion

XRP ETFs have quickly become one of the fastest-growing segments in the U.S. crypto market. In less than a month, the four active spot funds have attracted around $954 million in inflows with no net outflow days. Even during recent market volatility, they added another $10 million, showing consistent institutional demand.

Ripple CEO Brad Garlinghouse highlighted that XRP is now the fastest-growing U.S. crypto ETF category by AUM since Ethereum.

What’s Next for XRP ETFs?

With products already live from Canary Capital, Bitwise, Grayscale, and Franklin Templeton, and 21Shares preparing for launch, the XRP ETF market is becoming increasingly competitive. At the same time, Ripple has released a new XRP Ledger update aimed at improving network stability and expanding DeFi features, supporting the asset’s long-term outlook as institutional adoption continues to rise.

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