The fifth XRP ETF product is set to begin trading following new approval from the Cboe. This would place the fund in the company of other ETFs that have since recorded over $950 million inflows in less than four weeks.
Cboe Clears Path for New XRP ETF Under Ticker TOXR
The Cboe has approved the listing of 21Shares’ upcoming XRP fund, which will trade under the ticker “TOXR.” This approval was disclosed in a filing to the SEC. The fund will start trading on the exchange once it meets the final requirements.
Source: SECThe current approval brings the list to five different U.S. spot XRP-related funds. This approval comes after 21Shares made its fifth update to its S-1 registration earlier this week to complete the final steps before the launch.
The filing still carries a “delaying amendment.” This means the issuer may be awaiting a CERT notice or direct SEC approval.
Once launched, the XRP ETF will track the CME CF XRP-Dollar Reference Rate, New York Variant. This would expose investors to XRP price performance without having to custody the token. 21Shares publicly hinted at its upcoming launch on X.
The 21Shares TOXR fund is designed to have an annual sponsor fee of 0.3% charged daily and paid weekly in XRP. The issuer improved security and followed regulations by using a system with multiple custodians.
Ripple Markets created initial liquidity for the ETF by providing 100 million XRP. This is currently worth about $226 million. Creation and redemption will be either through in-kind via XRP transfers or via cash settlements.
This would be the latest fund to launch after Franklin Templeton’s spot XRP fund debuted late last month.
XRP Funds Close in On $1 Billion Milestone
The spot XRP ETFs in the U.S. have gathered nearly $1 billion in inflows within less than a month. Total inflows, according to the latest figures, are about $954 million.
Ripple CEO Brad Garlinghouse shared in a post on Monday that XRP has become the fastest-growing U.S. crypto ETF by AUM since Ethereum Demand for regulated products is increasing in the market.
XRP spot funds have not reported any day of net outflows. Just yesterday, despite market fluctuations, it still gained about $10 million in new inflows.
In other news, Ripple released an important update to the XRP Ledger. This update is designed to improve network stability and enhance its DeFi features.
Source: https://coingape.com/fifth-spot-xrp-etf-set-for-launch-as-cboe-approves-new-fund-for-trading/
