21Shares XRP ETF Loses 54% of Assets, Realizes $13.4M Loss

21Shares’ spot XRP exchange-traded fund TOXR posted a 54.4% decline in assets during the first half of 2026, ending June with $112.9 million in net assets. The fund recorded $75 million in redemption distributions and realized $13.36 million in losses on XRP sold to meet those redemptions.

The fund’s assets fell from $247.7 million at the end of December to $112.9 million at the end of June. XRP’s market price fell 42.9% to $1.0431 over the same period. Outstanding shares declined about 20% to 11.11 million from 13.89 million.

During the six months, TOXR received $25.5 million through creations and distributed $75 million in redemptions, producing negative net capital transactions of $49.5 million. The fund issued 1.47 million shares and redeemed 4.25 million shares in the period.

Sales to satisfy redemptions generated $13.36 million of realized losses. The fund also reported $71.52 million of unrealized depreciation on XRP holdings it retained at period end.

Quarterly data show the bulk of outflows and realized losses came in the first quarter: 4.03 million of the 4.25 million redeemed shares and $11.68 million of the $13.36 million realized loss occurred in Q1. In Q2 the fund created 480,000 shares and redeemed 220,000 shares, producing net issuance of 260,000 shares. TOXR’s net asset value fell 20.56% in Q2 as XRP declined 22.37% over the quarter.

Over a multi-month span when many XRP-linked funds drew roughly $300 million in inflows, TOXR registered inflows on fewer than five days totaling about $6 million. Since launch, the fund’s cumulative net flow is roughly negative $20 million, making it the only U.S. spot XRP ETF with negative cumulative flows.

An Aug. 11 update showed the fund’s share count at about 11.12 million and assets at $109.58 million, below the quarter-end figure. The fund filing attributes the asset decline to the combined effects of market depreciation in XRP holdings and net capital outflows that required sales at lower prices.