To truly appreciate the significance of the 21Shares spot XRP ETF approval, one must look back at the arduous journey that led here. This is a story defined by a protracted legal battle and a gradual, cautious embrace by the regulatory establishment. The final launch on the Cboe BZX Exchange is not a starting line, but the tangible culmination of a historical process.

The Timeline Leading to 21Shares spot XRP ETF approval: From Litigation to Clarity

The true inflection point in this historical timeline was the summer legal victory. The court ruling affirmed that XRP, in secondary market sales, did not constitute a security. This singular legal clarification removed the existential threat hanging over the asset and immediately opened the door for regulated financial products. Before this, the ETF conversation was virtually non-existent.

Following the ruling, the administrative process accelerated rapidly:

Credit from Blockchain Lad

• Mid-to-Late November 2025: The first wave of spot XRP ETFs (from issuers like Grayscale, Bitwise, and Canary) began trading in the U.S., quickly reaching significant Assets Under Management (AUM) and proving immediate, massive market appetite.
• November 7th, 2025: 21Shares filed its key S-1 Amendment (Amendment No. 3), providing the detailed structure required by the SEC. This filing triggered a procedural review window.
• Late November/Early December 2025: The SEC granted automatic effectiveness for the 8-A registration. This was a crucial procedural step confirming the regulatory viability of the product, occurring after the 20-day review period following the S-1 filing.
• December 1st, 2025: Swiss-based 21Shares officially launched its U.S. spot XRP ETF, trading under the ticker TOXR on the Cboe BZX Exchange, marking a new phase of institutional access.

Market Response: Rapid Accumulation

The timeline of market accumulation has been just as dramatic. In the short period since the regulatory clouds lifted, combined XRP ETF assets have soared toward the $1 billion mark, with cumulative inflows topping roughly $666 million by early December. This rapid growth suggests the market was simply waiting for the regulatory coast to be clear.

The 21Shares spot XRP ETF approval now finalizes this historical sequence. It transitions XRP from a legally challenged asset to a mainstream financial product ready for prime-time trading on a major US exchange venue. This milestone concludes the regulatory saga and confirms XRP’s full integration into the modern financial product landscape.