XRP Edges Toward Another U.S. Spot ETF After Cboe Approves 21Shares' Fund

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email XRP Edges Toward Another U.S. Spot ETF After Cboe Approves 21Shares' Fund Once live, the ETF will track the CME CF XRP-Dollar Reference Rate (New York Variant), giving investors exposure to XRP via a regulated fund structure without handling the asset directly. By Shaurya Malwa | Edited by Stephen Alpher Updated Dec 11, 2025, 2:46 p.m. Published Dec 11, 2025, 1:01 p.m. What to know : The Cboe BZX Exchange has certified approval for listing 21Shares' proposed XRP exchange-traded fund, moving it closer to launch. The ETF, trading under the ticker TOXR, will allow investors to gain exposure to XRP without directly handling the asset, using a regulated fund structure. Ripple Markets has seeded the fund with 100 million XRP, and the ETF's launch coincides with a new XRP Ledger upgrade aimed at enhancing network stability and DeFi functionality. 21Shares’ proposed XRP exchange-traded fund moved a step closer to launch after the Cboe BZX Exchange formally certified its approval for listing, according to a new S-1/A amendment filed with the U.S. Securities and Exchange Commission on Monday. The fund, which will trade under the ticker TOXR, will become the fifth spot XRP product to secure exchange approval as the SEC continues to review registration materials. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . Once live, the ETF will track the CME CF XRP-Dollar Reference Rate (New York Variant), giving investors exposure to XRP via a regulated fund structure without handling the asset directly. The product will custody XRP through Coinbase Custody, Anchorage Digital Bank and BitGo, and charges a 0.30% sponsor fee paid in XRP. Ripple Markets seeded the fund with 100 million XRP — roughly $226 million at the reference rate disclosed in the filing — enabling initial creation and redemption activity. Authorized participants will be able to create or redeem shares either in-kind or in cash, giving liquidity providers more flexibility than many early crypto ETP structures allowed. The listing milestone comes as U.S. spot XRP ETFs approach $1 billion in cumulative inflows less than a month after launching. Across the category, issuers have recorded no net outflow days, an unusual pattern for a new digital-asset segment and one that suggests sticky early demand from wealth platforms and institutional allocators. The ETF momentum coincides with a new XRP Ledger upgrade focused on network stability and expanded DeFi functionality, which may further boost demand for the token. While incremental, the changes are part of Ripple’s push to position the ledger as a more reliable settlement layer for institutions that may lean on ETF products as a compliance-friendly access point to XRP. XRP News More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M. GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month. Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B. View Full Report More For You Crypto Trading Volumes Deteriorated Across Board Last Month as Market Slumped: JPMorgan By Will Canny , AI Boost | Edited by Stephen Alpher 10 minutes ago Bitcoin, ether and most majors fell last month as spot, derivatives and stablecoin volumes dropped and U.S. crypto ETPs saw heavy outflows. What to know : Spot, stablecoin, DeFi and NFT volumes slumped around 20% month-on-month in November as volatility and selling froze trading activity, according to JPMorgan. U.S. bitcoin spot ETFs saw $3.4 billion in net outflows and ether ETPs had their worst month on record, the report said. Total crypto market cap fell 17% last month to $3 trillion, with bitcoin down 17% and ether down 22%. 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