A prominent U.S.-based asset manager has sparked excitement across the XRP community with a cryptic message hinting that something major tied to the token is on the horizon.
21Shares XRP ETF
Although 21Shares did not disclose specifics, the new teaser likely signals the imminent launch of its long-awaited spot XRP ETF. The firm has been working to bring the product to the U.S. market, but progress was slowed by the extended U.S. government shutdown, which pushed back approval timelines
In response, 21Shares updated its S-1 application on November 7 in an effort to allow the ETF to become auto-effective. Following the revised filing, analysts projected that 21Shares could debut its spot XRP ETF as early as November 27
However, analysts such as Zach Rector noted that 21Shares’ November 7 amendment did not remove the “delay language” that would have cleared the path for a late-November debut. Even so, other experts argued that the filing appeared solid and maintained that the 21Shares XRP ETF was still on track to launch next week
Updated Filing
On November 20, 2025, 21Shares submitted an additional update to its XRP ETF filing, confirming that the product will list on the Cboe BZX Exchange under the ticker TOXR. The fund will carry a 0.50% management fee, and 21Shares plans to purchase initial seed creation baskets totaling 20,000 shares at $25 each, for an initial capital of $500,000.
If launched, it would enter a growing market for spot XRP ETFs. Canary Capital and Bitwise already have separate funds trading in the United States, with their cumulative net inflows totaling $422 million
Moreover, Franklin Templeton and Grayscale Investments are preparing to launch their spot XRP ETFs, with Bloomberg analyst James Seyffart suggesting they could launch on November 24, 2025
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