21Shares, one of the world’s largest crypto exchange-traded product issuers, has filed an 8(a) registration for its spot XRP ETF, officially triggering the 20-day countdown to potential approval under U.S. securities law.
The filing, confirmed by Bloomberg ETF analyst Eric Balchunas, indicates that the product could become effective automatically by November 27 if the U.S. Securities and Exchange Commission takes no action.
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
The proposed fund, to be listed on the Cboe BZX Exchange under the ticker TOXR, marks a major step toward expanding institutional exposure to XRP. According to the prospectus, authorised participants, including Jane Street Capital and Macquarie Capital, will be able to create or redeem shares either in cash or in-kind.
The ETF’s custody structure is built around three regulated entities: Coinbase Custody Trust Company, Anchorage Digital Bank, and BitGo Trust Company. Each of these entities is known for managing large institutional digital-asset accounts.
Other Prospective Issuers Update XRP ETF Applications
Besides 21Shares, Canary Capital has also amended its S-1 application to expedite the potential launch of its XRP ETF amid a prolonged U.S. government lockdown. As reported earlier, Canary’s spot XRP ETF product could launch as early as November 13, provided the SEC does not object and Nasdaq certifies the accompanying Form 8-A application.
Similarly, Franklin Templeton also updated its spot XRP ETF application to bring the fund to market as early as this month.
Bold Forecasts Relating to XRP ETFs
The race to introduce more crypto ETFs has accelerated after the success of Bitwise’s Solana ETF (BSOL). Bitwise Chief Investment Officer Matt Hougan projected that a spot XRP fund could attract billions of dollars in assets within months of launch.
Similarly, market analyst Scott Melker emphasized that the 21Shares product could “go live automatically” around November 27 if the SEC remains silent.
In parallel, pro-XRP advocates expressed optimism about a major market move once the countdown concludes. Community figure Diana, a longtime supporter, called the filing a “countdown to SEC review,” predicting a big “god candle” could follow institutional entry.
Ripple CEO Brad Garlinghouse previously hinted that several XRP ETFs could arrive in the second half of 2025. So far, several XRP-related ETFs have gone live, including the REX-Osprey XRP ETF, which launched in September.
Evans Kelvin
Brenda Kanana
