21Shares XRP ETF loses 54% of assets as redemptions lock in $13.4 million loss
21Shares’ XRP ETF, TOXR, shrank sharply in the first half of 2026 as XRP fell 42.9% and investors redeemed shares. Net assets dropped 54.4% to $112.9 million from $247.7 million at year-end, while shares outstanding fell 20% to 11.11 million. Redemptions were the main driver: the fund had $75 million of redemptions versus $25.5 million of creations, leaving $49.5 million in net negative capital transactions. That forced $13.36 million in realized losses on XRP sold to meet withdrawals, plus $71.52 million in unrealized depreciation on remaining holdings. Most redemptions occurred in Q1, but Q2 briefly stabilized with net share issuance of 260,000. Even so, TOXR remained weak, with cumulative net flow around -$20 million and the only U.S. spot XRP ETF still in negative territory.
