TOXR vs XRP

TOXRA21shares XRP ETF

XRPABitwise XRP ETF

In short

TOXR A plain-vanilla XRP wrapper: it holds the coin, prices off a CME reference rate, and skips leverage and derivatives. In a field of near-identical XRP funds, 21Shares competes on price at 0.30%.

XRP Bitwise won the naming fight: its spot fund trades under the coin's own ticker. Underneath it is plain plumbing, XRP in cold storage at Coinbase, priced off a CME CF reference rate, one all-in 0.34% fee.

Stated mandate

TOXR The Trust is a passive exchange-traded vehicle designed to track XRP's U.S.-dollar price benchmark, after expenses and liabilities. It holds XRP and does not use leverage or derivatives.

XRP The Fund holds spot XRP to give investors indirect exposure to XRP through exchange-traded shares.

Why people hold it

• TOXR Charges 0.30%, under the median fee for spot-crypto funds and well under the 0.50% on rival XRP fund XRPC.
• Mechanically simple: holds XRP outright and tracks the CME CF XRP-Dollar Reference Rate, no leverage, no derivatives, no strategy layer.21shares.com
• Conventional plumbing behind the crypto: BNY Mellon acts as administrator, transfer agent and cash custodian.sec.gov

• XRP One unitary 0.34% sponsor fee, with the sponsor covering most routine operating expenses. That undercuts Canary's XRPC (0.50%) for the same spot XRP exposure.sec.gov
• Boring by design: spot XRP only, no derivatives or leverage, held in segregated cold storage at Coinbase Custody with BNY Mellon handling administration and transfer agency.sec.gov
• NAV is struck against the CME CF XRP-Dollar Reference Rate (New York Variant), which aggregates executed trade flow from major XRP platforms instead of leaning on one venue's print.sec.gov
• Actively traded since day one, and it sits in the upper tier of US spot crypto funds on trading quality.

Worth knowing

• TOXR One coin, one price. XRP swings hard and the trust does nothing to cushion drawdowns. It pays no income.
• Trades lightly next to the largest crypto ETFs, so spreads and limit orders matter more here.
• Listed in December 2025, so the track record is short and there is little history showing how it tracks through stressed markets.sec.gov

• XRP One coin, one risk. Shares follow XRP and nothing else, and single-asset crypto moves are large in both directions.
• Not the cheapest ticket on the shelf: 21Shares' TOXR carries the same spot XRP exposure at 0.30%.
• Launched in November 2025, so the trading and tracking record is short, and the fund makes no distributions.

Full TOXR profile⁠

Full XRP profile⁠