A competitive battle is unfolding in the XRP ETF space, and 21Shares is positioning itself to join the roster.
While the token’s price continues to face selling pressure, interest in institutional products tied to XRP is accelerating — and 21Shares is pushing toward launch with fresh adjustments to its offering.
Key Takeaways
21Shares cut its XRP ETF fee to 0.30% as it prepares for launch.
XRP ETFs now approach $1B in assets, driven by fee competition among issuers.
The fund is approved for listing but still awaits its first day of trading.
One of the biggest signals came in the form of a newly amended regulatory filing. Instead of hanging onto its original cost structure, 21Shares slashed its planned management fee to 0.30%. That reduction places it closer to rivals such as Franklin Templeton, which has been particularly aggressive by setting the industry’s lowest fee — around 0.19% — and pairing it with the longest waiver period to attract early flows.
Spot XRP ETFs now collectively sit near the $1 billion mark, a figure built primarily through launches by Franklin Templeton, Bitwise, and Grayscale, all of which have dangled temporary fee waivers to bring institutional interest through the door.
Technical Approval Done — Trading Still Pending
Despite the tightening fee race, 21Shares is still in pre-launch mode. The product automatically became effective last month following a securities registration upgrade, giving it the regulatory green light for listing. Yet, the ticker — set to trade as “TOXR” on CBOE’s BZX platform — has not actually gone live.
That leaves traders waiting for the final procedural step, such as a CERT notice or final action from regulators, before shares can begin changing hands.
Infrastructure Already Built Out
Behind the scenes, the fund framework is ready. Pricing will mirror spot market movements rather than futures exposure, basing its tracking on the CME CF XRP-Dollar benchmark. Custodial duties are distributed between Coinbase Custody, Anchorage Digital Bank, and BitGo Trust to safeguard underlying assets.
Meanwhile, BNY Mellon — a heavyweight in fund servicing — is tasked with administering cash flows, transfer records, and operations. Foreside Global Services oversees distribution and marketing.
A Growing Market — Even If XRP Isn’t Rallying
While institutional products swell, XRP’s market price has not reflected the enthusiasm shown in ETF demand, trading under pressure despite steady inflows. The divide highlights a familiar phenomenon: capital interest can build in infrastructure before sentiment catches up in spot markets.
For now, 21Shares stands just shy of crossing the finish line, waiting for the switch to flip trading live amid an increasingly crowded and fee-sensitive ETF landscape.
