21Shares, one of the top digital asset managers, are just a few steps away from launching their Ripple (XRP) exchange-traded fund (ETF). 21 Shares just filed an 8-A form amendment, which allows the global asset managing giant to go live on the Cboe BZX Exchange (formerly known as BATS exchange).
Typically going live 21 days after the automatic approval due to the 8-A update arriving on the SEC’s table, this XRP ETF will sport the ticker TOXR. As 21Shares penned the S-1 Form on November 7, 2025, it’s plausible that the ETF would debut as early as next week. Meanwhile, the competing Bitwise ETF is going live on the NYSE Arca today.
Will This Flurry Of ETF Launches Revive XRP’s Price?
As far as the Bitwise ETF goes, the global asset manager decided to waive the management fee of 0.34% for the initial month on the first $500 million inflows. With this new Ripple ETF going live on the NYSE Arca, investors are able to gain exposure to XRP as the Ledger aims to capture a piece of the rising $250 trillion cross-border market.
As for the already-trading XRP’s Spot market price-tracking ETF items, Canary Capital is leading the race with $292 million inflows after two weeks of trading on NASDAQ. However, Franklin Templeton’s soon-to-drop Franklin XRP ETF (XRPZ) has the lowest handling fee of 0.19%, as well as the most assets under management (AUM).
Exceeding $1.5 trillion, the success of Franklin’s Ripple ETF could serve a game-changer in XRP’s rebound efforts. With the markets frightened, XRP’s price stands just 7 cents above the lowest-tier Bollinger Band (BOLL) of $2.15. A downward break below that level could send the OG altcoin below $2, unless large investors intervene to accumulate positions.
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21Shares submitted Amendment No. 3 on November 7, 2025, triggering a 20-day SEC review under Rule 8(a). The SEC approved the Form 8-A on November 20, 2025, clearing the path for listing on Cboe BZX Exchange, with potential effectiveness around November 27 if no objections arise.
This amendment removes the delaying clause from the S-1 registration, forcing automatic approval unless the SEC intervenes. It positions the ETF (ticker: TOXR) as one of the first spot XRP products, backed by 21Shares as sponsor and using benchmarks from exchanges like Coinbase, Kraken, Bitstamp, and Crypto.com.
Bitwise’s XRP ETF (XRPT) launches today, November 20, 2025, on NYSE Arca after its own 20-day window. Canary Capital targets November 13 but faces delays; Franklin Templeton (XRPZ) and CoinShares (XRPL) show as “active” on DTCC. Grayscale eyes October 18 decision, while ProShares’ leveraged futures XRP ETF already trades since July 2025.
The ETF sets a 0.50% management fee, with 21Shares acting as seed investor for the initial 10,000 shares. It holds spot XRP for direct exposure, distributes via in-kind redemptions, and uses Coinbase or similar for custody—mirroring Bitcoin/ETH ETF models but without staking or leverage.
The SEC could still delay or deny if it flags unresolved issues like XRP’s past regulatory scrutiny from the Ripple case (resolved in 2023). Market risks include XRP volatility and liquidity needs for creations/redemptions.
