21Shares' TOXR ETF Slumps by 54% Amid Redemptions and Price Drop

21Shares' XRP ETF, TOXR, has suffered significantly in the first six months of 2026. From December's $247.7 million to June's $112.9 million, the fund's assets declined by 54.4%. The drop was largely due to heavy redemptions and a 42.9% decline in XRP prices.

During this period, TOXR issued $75 million in redemption distributions against $25.5 million of creations, resulting in $49.5 million in negative net capital transactions. This led to the realization of $13.36 million in losses on XRP disposed of for redemptions, with another $71.52 million in depreciation remaining unrealized.

The fund's share count dropped 20% to 11.11 million from 13.89 million during this period. Although second-quarter net issuance turned positive, TOXR still had negative cumulative flows and remains the only US spot XRP ETF with negative cumulative flows.