21Shares XRP ETF Countdown Begins as SEC Review Period Kicks Off

Highlights:

• 21Shares XRP ETF filing begins a 20-day automatic SEC approval countdown.
• The ETF will trade under the ticker “TOXR” on the Cboe BZX Exchange.
• Custody will be shared among Coinbase Custody, Anchorage Digital, and BitGo Trust.

Leading provider of crypto exchange-traded products, 21Shares, has entered the spotlight with the latest regulatory filing for its spot XRP ETF. On November 7, 21Shares submitted Amendment No. 3 to Form S-1 with the U.S. Securities and Exchange Commission (SEC). This filing was made under Section 8(a) of the Securities Act of 1933.

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With the submission, the SEC has a 20-day window to review. Without intervention, the ETF will become automatically effective on or around November 27. ETF analyst Eric Balchunas confirmed the filing in a social media post on X, “20-day clock in effect.”

21Shares just dropped an 8(a) for their spot XRP ETF.. 20 day clock in effect.. pic.twitter.com/YqnC5cJDni

— Eric Balchunas (@EricBalchunas) November 7, 2025

This filing follows a wave of activities from top asset managers. Franklin Templeton and Grayscale have also updated their proposals for the XRP ETF. Franklin removed the language requiring SEC clearance, signaling that it is ready for a November rollout. Furthermore, Grayscale named legal counsel and executives in its second amendment, which is usually considered a sign of launch preparation.

ETF Eyes Cboe BZX Listing with Strong Institutional Backing

If the 21Shares XRP ETF gains approval, it will trade on the Cboe BZX Exchange under the ticker symbol TOXR. The fund will passively track the price of XRP, utilizing the CME CF XRP Dollar Reference Rate New York Variant (XRPUSD_NY) as its price benchmark.

21Shares structured the ETF to be non-speculative and non-leveraged. It will rather provide direct access to the price movements of XRP. The initial investment will come from 21Shares US LLC, which will inject the fund with 10,000 shares. Additionally, authorized participants like Jane Street Capital and Macquarie Capital will be able to create or redeem ETF shares with in-kind or cash. The custody of XRP will be distributed among three regulated entities: Coinbase Custody Trust, Anchorage Digital Bank, and BitGo Trust Company.

The filing reveals that the early-stage investor would have the option to either trade or redeem the shares shortly after launch. This aims to create early liquidity and to make market entry less bumpy. Experts believe that this setup might boost institutional confidence in XRP as an asset.

Broader ETF Landscape Sees Ripple Effects

The filing for the 21Shares XRP ETF comes amid a flurry of activities across the crypto ETF market. Canary Capital plans to launch its own XRP ETF by November 13, subject to Nasdaq’s approval. This wave of applications furthermore follows Bitwise’s Solana ETF debut, along with Canary’s Litecoin and HBAR filings.

🚨SCOOP: @CanaryFunds has filed an updated S-1 for its $XRP spot ETF, removing the “delaying amendment” that stops a registration from going auto-effective and gives the @SECGov control over timing.

This sets Canary’s $XRP ETF up for a launch date of November 13, assuming the… pic.twitter.com/MKvEN23t5P

— Eleanor Terrett (@EleanorTerrett) October 30, 2025

In September, the SEC significantly reduced the time taken to review ETF applications. The new regulation, interpreted as a change in the attitude under the new SEC chairman, has allowed a reduction in the approval period for spot crypto ETFs from 240 to 75 days. Asset managers have, however, responded swiftly by filing several applications in October and November.

Adding to the ambitions, 21Shares also submitted for an S-1 for a fund that tracks the Hyperliquid (HYPE) token. If greenlit, it will be the first U.S. ETF to replicate the market performance of a DeFi protocol’s perpetual market.

If one or two XRP ETFs are approved this month, then XRP would join Bitcoin and Ethereum in the regulated ETF market. This would lead to increased institutional access and possibly boost the market liquidity. Meanwhile, XRP has recorded a gain of more than 6% over the last 24 hours. Currently, XRP is trading around $2.29 with a market cap and trading volume of $137 billion and $5.4 billion, respectively.

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