21Shares' US spot XRP ETF (TOXR) lost 54.4% of assets in H1 2026, falling from $247.7 million at end-December to $112.9 million by end-June as XRP declined 42.9% to $1.0431. Heavy redemptions—$75 million redeemed versus $25.5 million created, a $49.5 million net outflow—forced $13.36 million of realized losses and left $71.52 million of unrealized depreciation, cutting outstanding shares about 20% and highlighting weak ETF demand, liquidity stress and negative fund flows for this crypto ETF.

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The 21Shares XRP ETF lost more than half its assets during the first six months of 2026 as falling XRP prices collided with heavy redemptions that crystallized $13.36 million in losses.

TOXR ended June with $112.9 million in net assets, down 54.4% from $247.7 million at the end of December, its Aug. 11 quarterly filing showed. 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.

The difference shows how investor withdrawals amplified the damage from XRP’s price decline.

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TOXR recorded $75 million of redemption distributions during the half against $25.5 million contributed through creations, leaving the fund 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 realized 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.

21Shares XRP ETF loses 54% of assets as redemptions lock in $13.4 million loss

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Jun 1, 2026 · Liam 'Akiba' Wright

Q2 recovery failed to produce sustained demand

The fund's redemption pressure eased sharply during the second quarter, but subsequent flows suggest the improvement did not develop into a broader recovery.

Per the filing, 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.

Between April and June, TOXR instead created 480,000 shares and redeemed 220,000, producing net issuance of 260,000 shares. Even with that increase, the fund’s NAV fell 20.56% during the quarter as XRP declined 22.37%.

However, that stabilization has remained fragile despite XRP-linked funds performing strongly in the current market conditions.

CryptoSlate previously reported that XRP funds are currently on a four-month inflow streak that has drawn around $300 million.

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Jun 29, 2026 · Liam 'Akiba' Wright

During this period, TOXR has performed weakly, registering less than five days of inflow worth around $6 million, while its cumulative net flow since launch has fallen to roughly -$20 million. Notably, the fund is the only US spot XRP ETF with negative cumulative flows.

21Shares XRP ETF Fund Flows Since Q2 2026 (Source: SoSoValue)

At the same time, 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, leaving the fund smaller even after the second quarter’s brief improvement in creations.

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