Key Takeaways
- • 21Shares switched its TOXR XRP ETF's net asset value (NAV) pricing from the CME CF XRP-Dollar Reference Rate to the FTSE XRP Index, effective August 27, 2026, a pricing methodology change that does not affect fund exposure, custody, or investment strategy.
- • TOXR held approximately $149.7 million in assets as of August 26, 2026, following its December 2025 launch on Cboe BZX, reflecting strong institutional appetite for regulated XRP exposure.
- • The benchmark transition eliminates the existing CME CF licensing arrangement (ending August 31) and aligns TOXR with 21Shares' broader benchmark framework across other crypto ETF products, potentially streamlining institutional portfolio management.
- • U.S. spot XRP ETFs collectively achieved record cumulative net inflows of $1.55 billion, with daily trading volume reaching $125 million on August 20, 2026, signaling accelerating institutional adoption.
- • Custody and fund administration remain unchanged, with Anchorage Digital, BitGo, and Coinbase Custody continuing to hold XRP assets, while BNY Mellon remains administrator and transfer agent; 21Shares expects no material impact on NAV calculations or fund operations.
Summary
21Shares announced a benchmark migration for its U.S.-listed XRP exchange-traded fund (TOXR) effective August 27, 2026, transitioning the fund's net asset value pricing from the CME CF XRP-Dollar Reference Rate (New York Variant) to the FTSE XRP Index. The change is structural to pricing methodology only and does not alter the fund's underlying XRP holdings, custody arrangements, or investment mandate.
At the time of the announcement, TOXR held approximately $149.7 million in assets under management. The fund launched on Cboe BZX in December 2025 and has become a significant vehicle for institutional investors seeking direct, regulated exposure to XRP. The benchmark shift follows notification to CF Benchmarks in June 2026, with the existing licensing arrangement set to expire on August 31. According to regulatory filings, 21Shares expects the transition to produce no material impact on NAV calculations, XRP valuations, or operational results.
The custody and administrative structure supporting TOXR remains intact. Anchorage Digital, BitGo, and Coinbase Custody continue to serve as qualified custodians for the fund's XRP holdings, while BNY Mellon maintains its role as administrator and transfer agent. This continuity underscores the fund's operational stability throughout the benchmark transition.
The benchmark change aligns TOXR with the pricing framework used across 21Shares' broader crypto ETF product suite, potentially simplifying operations and comparative analysis for institutional clients managing multiple digital asset funds. The transition occurs against the backdrop of strengthening institutional demand for spot XRP ETFs. U.S.-listed XRP funds have generated cumulative net inflows reaching a record $1.55 billion, with daily trading volume in XRP ETF products hitting $125 million on August 20, 2026. This momentum reflects accelerating institutional adoption of regulated cryptocurrency exposure vehicles.
At the time of the announcement, TOXR held approximately $149.7 million in assets under management. The fund launched on Cboe BZX in December 2025 and has become a significant vehicle for institutional investors seeking direct, regulated exposure to XRP. The benchmark shift follows notification to CF Benchmarks in June 2026, with the existing licensing arrangement set to expire on August 31. According to regulatory filings, 21Shares expects the transition to produce no material impact on NAV calculations, XRP valuations, or operational results.
The custody and administrative structure supporting TOXR remains intact. Anchorage Digital, BitGo, and Coinbase Custody continue to serve as qualified custodians for the fund's XRP holdings, while BNY Mellon maintains its role as administrator and transfer agent. This continuity underscores the fund's operational stability throughout the benchmark transition.
The benchmark change aligns TOXR with the pricing framework used across 21Shares' broader crypto ETF product suite, potentially simplifying operations and comparative analysis for institutional clients managing multiple digital asset funds. The transition occurs against the backdrop of strengthening institutional demand for spot XRP ETFs. U.S.-listed XRP funds have generated cumulative net inflows reaching a record $1.55 billion, with daily trading volume in XRP ETF products hitting $125 million on August 20, 2026. This momentum reflects accelerating institutional adoption of regulated cryptocurrency exposure vehicles.
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