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21Shares XRP ETF
21Shares launched in 2019 as Amun AG before rebranding, founded by Hany Rashwan and Ophelia Snyder with the explicit thesis that crypto assets needed...
21Shares XRP ETF
21Shares launched in 2019 as Amun AG before rebranding, founded by Hany Rashwan and Ophelia Snyder with the explicit thesis that crypto assets needed regulated, exchange-listed wrappers to reach institutional capital. The firm's XRP ETP debuted on Switzerland's SIX Swiss Exchange in April 2019, becoming the first physically backed XRP product on a regulated European exchange. The issuer now offers over 40 crypto ETPs across 13 exchanges in 9 European countries, covering single-asset products, index baskets, and staking-yield strategies. The XRP ETP tracks the performance of Ripple's native token with a 2.5% annual management fee, holding XRP in cold storage with institutional-grade custody providers. Unlike Grayscale's trust structures, 21Shares products use an EU-regulated prospectus framework — the ETP structure allows authorized participants to create and redeem shares directly, tightening spreads compared to closed-end funds. The XRP product holds significance because XRP's primary use case is cross-border settlement for financial institutions, making it a corporate counterparty bet distinct from Bitcoin's digital-gold thesis or Ethereum's smart-contract platform. Confirmed custody providers include Coinbase Custody and Standard Chartered-backed Zodia Custody, depending on jurisdiction. Rashwan and Snyder run the firm from Zurich, with a business development office in New York opened in 2021. The team has grown to over 100 professionals across product, legal, and sales functions. 21Shares partnered with Cathie Wood's ARK Invest on the ARK 21Shares Bitcoin ETF, launched in the US in January 2024 after SEC approvals. The firm's US presence now includes filings for Solana and XRP ETFs, signaled in late 2024 as part of a broader push beyond European markets. The company also operates a suite of crypto research products and a staking infrastructure for institutional clients under the 21Shares brand. What structurally differentiates 21Shares from most crypto fund issuers is the exclusively exchange-traded product format with direct physical backing — no over-the-counter trusts, no limited partnership fund structures — combined with a full-stack, in-house issuance operation rather than relying on third-party white-label platforms. This vertical integration lets the firm control custody relationships, market-making agreements, and regulatory filings directly, essential when managing exchange-listed products across multiple European jurisdictions with different listing rules.
General information
Firm type
Asset Manager
Year founded
2019
AUM
Undisclosed
Location
Region
Europe
Country
Switzerland
City
Zurich
Corporate office
Zurich, Switzerland
Additional offices
New York, NY, United States
Principals
Hany Rashwan
Co-Founder & CEO
Ophelia Snyder
Co-Founder & President
Sector focus
Frequently asked questions
Who makes investment and product decisions at 21Shares?
Co-founders Hany Rashwan (CEO) and Ophelia Snyder (President) lead product strategy and index methodology decisions. The firm's research team, led by Adrian Fritz, designs the index baskets and single-asset product parameters. All ETPs follow passive, physically backed replication — there is no active portfolio management discretion on the underlying assets once the product is structured.
Is the 21Shares XRP ETP physically backed or synthetic?
The XRP ETP is fully physically backed — 21Shares holds XRP tokens in cold storage with institutional custodians, creating or redeeming shares in response to market demand through authorized participants. This structure means the product's value tracks XRP's spot price directly, minus management fees, without counterparty exposure from swaps or derivatives. Custody providers include Coinbase Custody and Zodia Custody, depending on the listing jurisdiction.
How does the 21Shares XRP ETP differ from Grayscale's XRP Trust?
The 21Shares XRP ETP is an EU-regulated exchange-traded product with an open-ended creation-and-redemption mechanism, meaning authorized participants can mint or redeem shares to keep the market price close to net asset value. Grayscale's XRP Trust is a US-based closed-end private placement that does not allow redemptions, often resulting in wide premiums or discounts to NAV. 21Shares' structure typically trades with tighter spreads.
What is 21Shares' relationship with ARK Invest?
21Shares partnered with Cathie Wood's ARK Invest in 2021 to launch the ARK 21Shares Bitcoin ETF in the US market. ARK serves as sub-adviser on the product, providing bitcoin market research and marketing support, while 21Shares handles ETF operations, custody relationships, and index methodology. The joint venture saw success with the Bitcoin ETF launch in January 2024 after SEC approval.
Why does a physically backed XRP product matter differently than Bitcoin or Ethereum ETPs?
XRP's primary utility is settlement within Ripple's cross-border payments network used by banks and payment providers. A physically backed ETP lets institutions gain exposure to this specific settlement-use-case token without navigating the technical overhead of on-chain XRP custody, trust lines, and reserve requirements. The product isolates XRP's corporate adoption narrative from broader crypto market beta.
How are 21Shares' European ETPs regulated?
21Shares issues its crypto ETPs under Swiss and European prospectus frameworks, primarily listing on regulated exchanges including SIX Swiss Exchange, Deutsche Börse Xetra, and Euronext Amsterdam. Each product files a base prospectus approved by the relevant national regulator. The Swiss products are structured as collateralized, non-interest-bearing debt securities under Swiss law, granting investors a direct claim on the underlying crypto held by the issuer's custodian.
What is the management fee structure for the XRP ETP?
The 21Shares XRP ETP charges a 2.5% annual management fee, standard across the issuer's single-asset crypto ETP range. This fee covers custody, administration, index licensing, and operational costs. There are no performance fees or entry/exit charges at the product level, though investors pay standard brokerage commissions when trading shares on exchange.
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