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

Rhea-AI Summary

21shares (TOXR) launched the 21Shares XRP ETF TOXR on CBOE on Dec 11, 2025, giving U.S. investors brokerage access to XRP exposure.

The ETF tracks XRP, carries a total expense ratio of 0.30%, and uses a multi-custody model with Coinbase, Anchorage Digital Bank and BitGo; Flow Traders is lead market maker. TOXR is not registered under the Investment Company Act of 1940 and is described as subject to significant risk and heightened volatility; an investment is not a direct investment in XRP and may result in total loss.

As of Nov 2025, 21shares reports over $8 billion AUM and offers five U.S. ETPs.

Positive

• TER 0.30% offers relatively low fee exposure to XRP
• Multi-custody with Coinbase, Anchorage Digital Bank and BitGo
• Flow Traders named as lead market maker to provide liquidity
• $8 billion AUM as of Nov 2025 indicates scale in U.S. crypto ETPs

Negative

• Not '40 Act registered, so lacks ETF investor protections
• Subject to significant risk and heightened volatility
• Investment is not direct XRP ownership and may result in total loss

Key Figures

Total Expense Ratio 0.30% TER for 21Shares XRP ETF (TOXR)

Countries Connected more than 55 countries Payment systems connected by XRP network

Financial Institutions over 100 financial institutions Institutions utilizing XRP payment network

Operating History nearly eight years Experience developing and managing crypto ETPs

Assets Under Management over $8 billion 21shares AUM as of November 2025

U.S. ETP Count 5 ETPs Number of ETPs offered by 21shares in the U.S.

Countries with Tests some governments Governments testing XRP for cross-border payments (no explicit count)

Short-term Price Reaction 9.76% 24h move on Dec 8, 2025 Crypto.com partnership news

Market Reality Check

$23.81 Last Close

Volume Volume 10,917 vs 20-day average 9,151 (relative volume 1.19x). normal

Technical Price 23.8131 is trading above 200-day MA at 23.32 and 8.09% below 52-week high.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 08	Crypto partnership	Positive	+9.8%	Strategic partnership with Crypto.com to launch Cronos-linked investment products.

Pattern Detected

Limited history shows a strong positive price reaction to prior crypto-partnership news.

Recent Company History

Over the past week, 21shares (ticker TXXS) announced a strategic partnership with Crypto.com on Dec 8, 2025, targeting regulated products tied to the Cronos token, which saw a 9.76% 24-hour gain. Today’s XRP ETF launch further expands its U.S. crypto ETP lineup. Together, these events highlight a continuing push to broaden regulated access to crypto assets and strengthen 21shares’ position as a large crypto-native ETP issuer.

Market Pulse Summary

This announcement detailed the launch of the 21Shares XRP ETF (TOXR) with a total expense ratio of 0.30%, expanding 21shares’ U.S. lineup to 5 ETPs and supporting over $8 billion in AUM as of November 2025. The firm highlighted XRP’s role in cross-border payments across more than 55 countries and over 100 financial institutions, while stressing significant risk and the possibility of total investment loss for XRP-focused products.

Key Terms

exchange traded products (ETPs) financial

"one of the world’s largest issuers of cryptocurrency exchange traded products (ETPs)"

Exchange traded products (ETPs) are investment tools that are bought and sold on stock exchanges, similar to stocks. They typically track the performance of a specific asset or group of assets, such as commodities, currencies, or market indexes, allowing investors to gain exposure without owning the underlying assets directly. ETPs matter to investors because they offer a flexible, accessible way to diversify investments and respond quickly to market changes.

etf financial

"announced the launch of the 21Shares XRP ETF (TOXR) on CBOE"

An ETF, or exchange-traded fund, is like a basket of different investments such as stocks or bonds that you can buy or sell easily on the stock market, just like a regular share. It allows people to invest in many companies at once, making it a simple way to grow savings without picking individual stocks.

total expense ratio (TER) financial

"With a total expense ratio (TER) of 0.30%, TOXR tracks the performance"

The total expense ratio (TER) is the annual percentage of a fund’s assets taken to cover all operating costs — management fees, administration, custody and other running expenses — expressed as a single number. It matters to investors because those costs reduce the fund’s net return the same way fuel and insurance cut into a car’s budget: lower TERs generally leave more of the investment’s gains compounding over time, making cost comparison important when choosing funds.

'40 Act regulatory

"TOXR is not registered under the Investment Company Act of 1940, as amended (" '40 Act")"

'40 Act is shorthand for the U.S. Investment Company Act of 1940, a federal law that sets rules for pooled investment vehicles like mutual funds and many ETFs. Think of it as traffic laws for funds: it requires clear disclosure of fees and holdings, limits risky or self-dealing behavior, and mandates safeguards for investors’ assets. Investors care because these rules increase transparency, reduce conflicts of interest, and help protect their money.

custody financial

"21shares has employed a multi-custody approach to its US spot crypto ETPs"

Custody is the safekeeping and management of financial assets, such as stocks or bonds, by a specialized institution on behalf of an investor. It ensures that the assets are securely stored, properly maintained, and accurately accounted for, similar to how a bank safely holds valuables for a customer. This arrangement gives investors confidence that their assets are protected and properly managed, allowing them to focus on their investment goals.

assets under management (AUM) financial

"As of November 2025, the company’s assets under management (AUM) is over $8 billion"

Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a bank counting all the money it manages for people and organizations—more AUM generally means the company is trusted with larger amounts and can charge higher fees.

AI-generated analysis. Not financial advice.

NEW YORK, Dec. 11, 2025 (GLOBE NEWSWIRE) -- 21shares, one of the world’s largest issuers of cryptocurrency exchange traded products (ETPs), today announced the launch of the 21Shares XRP ETF (TOXR) on CBOE. The launch of TOXR provides investors the ability to gain exposure to XRP through their existing bank or brokage, enabling them to participate in one of the leading blockchains in cross-border transactions and the potential future of global payments. With a total expense ratio (TER) of 0.30%, TOXR tracks the performance of XRP.

TOXR is not registered under the Investment Company Act of 1940, as amended (" '40 Act"), and is not subject to the same regulations and protections as '40 Act registered ETFs and mutual funds. TOXR is subject to significant risk and heightened volatility. XRP assets are not suitable for an investor who cannot afford the loss of the entire investment. An investment in TOXR is not a direct investment in XRP.

“21shares is committed to providing U.S. based investors with unparalleled access to the world’s leading cryptocurrencies, and this launch is another example of this effort,” said Russell Barlow, CEO of 21shares. “We play an instrumental role in creating financial products that capture the innovative technologies transforming our industry, and we’ve leveraged our nearly eight years of experience developing, launching and managing crypto exchange-traded products around the world to bring TOXR to the U.S. market.”

XRP is currently the fourth largest cryptocurrency by market capitalization¹. XRP has gained significant traction from institutions due to the speed and cost efficiency of its payment network. Currently, XRP is actively connecting payment systems in more than 55 countries and is being utilized by over 100 financial institutions, with some governments testing its technology for official cross-border payment solutions.²

21shares has employed a multi-custody approach to its US spot crypto ETPs as a crucial risk management strategy, and having multiple custodians provides enhanced security and improves the overall operational excellence of the firm’s product lineup. 21shares’ custody partners include Coinbase, Anchorage Digital Bank and BitGo, all selected due to their track records in regulatory compliance, safety, and security.

Flow Traders acts as the lead market maker for TOXR. 21shares’ partnership with Flow Traders provides liquidity and institutional access to crypto markets.

Commenting on today’s announcement, Federico Brokate, Global Head of Business Development at 21shares said: “We are seeing increased demand from U.S.-based clients for diversified crypto exposure and expect adoption of cryptocurrencies to continue to rise exponentially in the coming months and years. The launch of TOXR will play a meaningful role to satisfy the growing investor appetite for cryptocurrencies in the U.S. market, and we are thrilled to offer investors exposure to XRP and the Ripple ecosystem.”

Since 21shares entered the U.S. market in 2022, the company has been ambitiously growing its presence. As of November 2025, the company’s assets under management (AUM) is over $8 billion, and currently offers five ETPs in the U.S. Through this commitment to increasing investor access to a wide variety of cryptocurrencies, 21shares has become one of the world’s largest and most diversified crypto-native issuers of ETPs.

About 21shares
21shares is one of the world’s leading cryptocurrency exchange traded product (ETP) providers and offers one of the largest suites of crypto ETPs in the market. The company was founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21shares listed the world’s first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto ETPs that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialized research team, proprietary technology, and deep capital markets expertise, 21shares delivers innovative, simple and cost-efficient investment solutions.

21shares is a subsidiary of FalconX, one of the world's largest digital asset prime brokers. 21shares maintains independent operations from FalconX while strategically leveraging the resources and reach of FalconX to accelerate its mission and unlock new growth. For more information, please visit www.21shares.com.

Media Contact
Audrey Belloff: audrey.belloff@21shares.com
Alethea Jadick: ajadick@sloanepr.com

Important Information
Investing involves risk, including the possible loss of principal. There is no assurance that TOXR (“the Fund”) will generate a profit for investors.

There are special risks associated with short selling and margin investing. Please ask your financial advisor for more information about these risks. XRP is a relatively new asset class, and the market for XRP is subject to rapid changes and uncertainty. XRP is largely unregulated and XRP investments may be more susceptible to fraud and manipulation than more regulated investments.

XRP is subject to unique and substantial risks, including significant price volatility and lack of liquidity, and theft. The value of an investment in the Fund could decline significantly and without warning, including to zero. XRP is subject to rapid price swings, including as a result of actions and statements by influencers and the media, changes in the supply of and demand for XRP, and other factors. There is no assurance that XRP will maintain its value over the long-term.

The trading prices of many digital assets, including XRP, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of XRP, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.

Failure by the Fund’s XRP Custodian to exercise due care in the safekeeping of the Fund’s XRP could result in a loss to the Fund. Shareholders cannot be assured that the XRP Custodian will maintain adequate insurance with respect to the XRP held by the custodian on behalf of the Fund.

The Fund is not actively managed and will not take any actions to take advantage, or mitigate the impacts, of volatility in the price of XRP. An investment in the Fund is not a direct investment in XRP. Investors will also forgo certain rights conferred by owning XRP directly. Shares of the Fund are generally bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Only Authorized Participants may trade directly with the Fund and only large blocks of Shares called "creation units." Your brokerage commissions will reduce returns.

If an active trading market for the Shares does not develop or continue to exist, the market prices and liquidity of the Shares may be adversely affected.

Shares in the Fund are not FDIC insured and may lose value and have no bank guarantee.

This material must be accompanied or preceded by a prospectus. Carefully consider the Fund’s investment objectives, risk factors, and fees and expenses before investing. For further discussion of the risks associated with an investment in the Fund please read the Fund’s prospectus: https://www.21shares.com/en-us/product/TOXR

The Marketing Agent is Foreside Global Services, LLC

21Shares US LLC is the Sponsor to the Fund.

21Shares is not affiliated with Foreside Global Services LLC

© 2025. 21Shares US LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without written permission.

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¹ “Cryptocurrency Prices, Charts and Market Capitalizations.” CoinMarketCap, coinmarketcap.com/
² NOWpayments.io. “Banks Use XRP in 2025: Ripple Network for Cross-Border Payments.” August 22, 2025. https://nowpayments.io/blog/banks-us

FAQ

What is the ticker and listing date for the 21Shares XRP ETF?

The ETF launched on CBOE under the ticker TOXR on Dec 11, 2025.

What fee does the 21Shares XRP ETF (TOXR) charge?

TOXR has a total expense ratio of 0.30%.

Is TOXR a '40 Act registered ETF with standard investor protections?

No. TOXR is not registered under the Investment Company Act of 1940 and does not have the same protections as '40 Act ETFs.

Who are the custodians and market maker for TOXR?

21shares uses Coinbase, Anchorage Digital Bank, and BitGo for custody; Flow Traders is the lead market maker.

Does an investment in TOXR equal direct ownership of XRP?

No. An investment in TOXR is not a direct investment in XRP and may lose its full value.

How large is 21shares’ U.S. presence and AUM as of Nov 2025?

As of Nov 2025, 21shares reports over $8 billion AUM and offers five U.S. ETPs.