21Shares, a prominent European issuer known for managing numerous crypto exchange-traded products (ETPs) globally, is teasing the debut of its U.S. spot XRP ETF (TOXR).
The firm initially submitted its S-1 filing to the U.S. Securities and Exchange Commission (SEC) last November.
For months following the initial submission, 21Shares, like other applicants, submitted numerous amendments to the Form S-1 registration statement.
The SEC approved Form 8-A on Nov. 20, essentially giving the green light to the product to begin trading on the Cboe BZX exchange.
Spot XRP ETFs, like the one from 21Shares, aim to closely track the current market price of XRP.
Other key players
Some other issuers, including giants like Bitwise and Franklin Templeton, have already launched their spot XRP ETFs, to a lot of fanfare.
Canary Capital enjoyed its first-mover advantage, recording significant trading volume shortly after its debut on Nov. 13. Bitwise Asset Management, Grayscale and Franklin Templeton launched their products around the same time.
The recent funds from Canary, Bitwise, Grayscale and Franklin have already surpassed $1 billion in net assets, a milestone that was recently highlighted by none other than Ripple CEO Brad Garlinghouse.
The cumulative total of XRP locked in ETF Vaults is nearly half a billion, specifically 498.41 million XRP, according to the most recent data.
Canary Capital is currently in the lead with a remarkable 169.0 million XRP in custody. Grayscale, with its GXRP product, is the second-largest holder, locking up 104.4 million XRP. Bitwise follows closely, holding 93.8 million XRP in its fund. Franklin Templeton, with its XRPZ ETF, has accumulated a substantial 78.2 million XRP.
Additionally, XRP-based spot ETFs from such players (WisdomTree and CoinShares) are also in the pipeline.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team