21Shares has just filed an updated prospectus for its highly anticipated 21Shares
Summary
- 21Shares has filed an updated prospectus for its 21Shares XRP ETF (TOXR).
- The ETF is one step closer to regulatory approval and launch, with a lower management fee of 0.30%.
- 21Shares is expanding its product to include 20,000 shares priced at $25 each as traders anticipate a potential rally similar to Solana’s.
For those who have been following the saga, the 21Shares XRP ETF just filed its fifth amendment to its S-1, bringing it one step closer to its potential launch this week.
The issuer decided to be too slightly more wallet-friendly by reducing the management fee from 0.50% to 0.30% – a small but sweet gesture amidst fierce competition. However, there’s no word yet on whether they’ll waive the fees completely.
A quick history lesson
The ETF became ‘auto-effective’ last month, but is now awaiting a CERT application before it can be officially launched. The goal? To provide investors with a regulated way to gain exposure to XRP while avoiding the labyrinth of crypto wallets.
Instead, investors can purchase shares through traditional investment accounts, while the ETF tracks spot XRP prices based on the CME CF XRP-Dollar Reference Rate. It’s like the crypto equivalent of eating your cake and having it too, without the risk of losing it in a hardware wallet.
One custodian? Try three.
In terms of custody, 21Shares has listed Coinbase Custody, Anchorage Digital Bank and BitGo Trust. In addition, BNY Mellon will handle the cash side of things, acting as cash custodian, administrator and transfer agent.
For those keeping track, Foreside Global Services is the marketing agent.
According to the December 8 filingthe fund will hold actual XRP. That means investors get direct exposure to the crypto asset. But unlike the thematic crypto stock ETFs that keep you guessing, TOXR lets you trade XRP through your traditional brokerage account.
21Shares powers the ETF with 20,000 shares priced at $25 each, so if you’ve been thinking about a piece of XRP, this might be your chance, although you’ll have to shell out around $500,000 for the privilege.
XRP ETFs are doing well globally, with 16 consecutive days of net inflows. The total assets under management? A cool $923 million.
- On Monday, XRP ETFs attracted a whopping $38 million in net inflows. Of that, Franklin Templeton’s XRP ETF (ARCA: XRPZ) alone raked in $31.7 million.
- Meanwhile, Bitcoin ETFs experienced a not-so-hot $60 million in net outflows;
- Ethereum ETFs gained $35.49 million.
- Solana ETFs lag behind, with modest net inflows of $1.18 million.
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