The 21Shares XRP ETF (TOXR) lost 54.4% of its net assets in the first half of 2026 as falling XRP prices combined with heavy redemptions. The fund locked in $13.36 million of realized losses and remains the only US spot XRP ETF with negative cumulative flows since launch.
TOXR ended June with $112.9 million in net assets, down 54.4% from $247.7 million at the end of December, according to its Aug. 11 quarterly filing. XRP fell 42.9% to $1.0431 over the same period, while the fund's outstanding shares dropped 20% to 11.11 million from 13.89 million.
Redemptions outpaced new money
The fund recorded $75 million of redemption distributions during the half against $25.5 million contributed through creations, leaving it with $49.5 million in negative net capital transactions. It issued 1.47 million shares while 4.25 million were redeemed.
Those redemptions also forced part of the fund's XRP holdings to be sold at a loss. TOXR recognized $13.36 million of losses on XRP disposed of for redemptions, while another $71.52 million of depreciation remained unrealized on tokens it continued to hold.
Second-quarter recovery did not last
The first quarter accounted for 4.03 million of the 4.25 million shares redeemed during the half and $11.68 million of the $13.36 million realized redemption loss, the filing showed. Between April and June, however, TOXR created 480,000 shares and redeemed 220,000, producing net issuance of 260,000 shares.
Even with that improvement, the fund's NAV fell 20.56% during the quarter as XRP declined 22.37%. The fund's cumulative net flow since launch has fallen to roughly -$20 million, and it remains the only US spot XRP ETF with negative cumulative flows.
Its share count stood at 11.12 million on Aug. 11, only 10,000 above its June level. Meanwhile, 21Shares reported $109.58 million in assets, below the $112.9 million recorded at quarter-end.
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