21Shares, a prominent European issuer known for managing numerous crypto exchange traded products (ETPs) worldwide, has teased the debut of its US Spot XRP ETF (TOXR).
The company first filed its S-1 application with the U.S. Securities and Exchange Commission (SEC) in November last year.
In the months following the initial filing, 21Shares, like other applicants, will file numerous amendments to its Form S-1 registration statement.
The SEC approved Form 8-A on November 20, effectively giving the green light for the product to begin trading on the Cboe BZX exchange.
Spot XRP ETFs like 21Shares aim to closely track the current market price of XRP.
Other key players
Other issuers, including big names like Bitwise and Franklin Templeton, have already launched and heavily promoted spot XRP ETFs.
Canary Capital enjoyed first-mover advantage and saw significant trading volume shortly after its debut on November 13th. Bitwise Asset Management, Grayscale, and Franklin Templeton also launched products around the same time.
Recent funding from Canary, Bitwise, Grayscale, and Franklin has already taken the company to over $1 billion in net worth, a milestone recently highlighted by none other than Ripple CEO Brad Garlinghouse.
The cumulative total of XRP locked in ETF vaults has reached nearly 500 million XRP, specifically 498.41 million XRP according to most institutions. recent data.
Canary Capital currently holds the lead with a staggering 169 million XRP. Grayscale, which owns GXRP products, is the second largest holder with 104.4 million XRP. Bitwise follows suit with 93.8 million XRP in its fund. Franklin Templeton has amassed a whopping 78.2 million XRP through the XRPZ ETF.
Additionally, XRP-based spot ETFs by such players (WisdomTree and CoinShares) are also in the pipeline.
