21Shares XRP ETF
21Shares XRP ETF is a U.S.-listed commodity-based exchange-traded product structured as a trust that provides investors exposure to XRP through shares that are created and redeemed in large blocks (“Baskets”). Shares trade on the Cboe BZX Exchange under the ticker TOXR (listed since December 11, 2025), allowing investors to access XRP price exposure via a traditional brokerage account. The Trust issues shares in exchange for in-kind deposits of XRP, which are held by custodians and may be transferred or sold to pay sponsor fees and Trust expenses. The product’s economics and operating model are driven by XRP custody, the creation/redemption mechanism, and ongoing fees/expenses rather than operating revenue from selling goods or services.
Fiscal year 2025 · change from previous year
Development 2025–2025
Business
Share of revenueExchange-traded shares designed to reflect XRP exposure, trading on Cboe BZX.
In-kind issuance and redemption process where authorized participants exchange XRP for large blocks of shares.
Custody of XRP and operational processes including paying sponsor fees and Trust expenses, potentially via XRP transfers/sales.
Customers
The Trust’s end investors are primarily market participants seeking XRP exposure in an exchange-traded wrapper, including retail brokerage clients and institutional allocators using ETFs/ETPs for portfolio implementation. Liquidity and price discovery are supported by broker-dealers and market makers trading TOXR on Cboe BZX. In the primary market, authorized participants (APs) and other institutional counterparties create and redeem shares via Baskets, typically to arbitrage premiums/discounts and manage inventory. The sponsor/seed capital investor also participates at launch by purchasing seed creation baskets to start secondary-market trading.
Buy TOXR shares on-exchange to gain XRP exposure without directly holding XRP or managing wallets.
Use TOXR for tactical or strategic XRP exposure, rebalancing, and operational simplicity versus direct crypto custody.
Create/redeem Baskets in-kind with XRP to keep market price aligned with NAV and to facilitate trading liquidity.
Provides initial seed creation baskets to enable listing and early secondary-market liquidity.
Geography
The Trust is U.S.-listed and its shares trade on the Cboe BZX Exchange, making the United States the primary market for distribution and trading access. Operationally, the Trust’s exposure is to the global XRP market because the underlying asset is priced and traded across international crypto venues, even if the shares are U.S.-listed. Custody and service-provider arrangements (custodians, administrator, transfer agent, and broker/dealer ecosystem) create operational dependencies that may span multiple jurisdictions. No authoritative revenue-by-geography disclosure was provided in the excerpts, so a quantified geographic revenue split is not presented.
Risks
The Trust’s core risk is XRP market risk: XRP price volatility directly drives NAV and can lead to sharp drawdowns for shareholders. Operational and custody risks are central because the Trust holds XRP with custodians; failures in safeguarding, settlement, or key management could impair assets or disrupt creations/redemptions. Liquidity and market-structure risks can arise if AP activity or secondary-market liquidity weakens, potentially widening spreads and increasing premiums/discounts to NAV. Regulatory and legal risks are material for crypto-linked products, including changes in U.S. rules affecting trading, custody, disclosures, or the classification of cryptoassets, which could constrain operations or investor access.
The 10-Q states there were no material changes from the risk factors disclosed in the Form S-1 (333-282942) effective December 10, 2025, indicating the prospectus risk set remains applicable.
The Trust may transfer or sell XRP (potentially facilitated by custodians) to pay sponsor fees and Trust expenses, which can create tracking differences and execution/market-impact risk.
Similar listed companies
Publicly listed companies with a comparable business focus.
Grayscale XRP Trust ETF
GXRP · Commodity Contracts Brokers & Dealers
Grayscale XRP Trust ETF is a Delaware statutory trust that holds XRP, the digital asset used on the decentralized XRP Network, and issues exchange-traded…
21Shares Dogecoin ETF
TDOG · Commodity Contracts Brokers & Dealers
21Shares Dogecoin ETF is a U.S.-listed, passive exchange-traded product structured as a trust that seeks to track the price performance of Dogecoin.
Franklin XRP Trust
XRPZ · Commodity Contracts Brokers & Dealers
Franklin XRP Trust is a Delaware statutory trust that issues the Franklin XRP ETF, a passive exchange-traded product designed to provide investors with price…
CoinShares Bitcoin ETF
BRRR · Commodity Contracts Brokers & Dealers
CoinShares Bitcoin ETF is a U.S.-listed exchange-traded product structured as a Delaware statutory trust that gives investors exposure to bitcoin through…
abrdn Precious Metals Basket ETF Trust
GLTR · Commodity Contracts Brokers & Dealers
abrdn Precious Metals Basket ETF Trust is a New York common law trust that holds a fixed basket of physical gold, silver, platinum, and palladium bullion.
abrdn Silver ETF Trust
SIVR · Commodity Contracts Brokers & Dealers
abrdn Silver ETF Trust is a U.S.-based exchange-traded trust that holds physical silver and issues shares designed to reflect the price of that silver, less trust expenses.
Last updated: 24/09/2026