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21Shares XRP ETF shrinks after redemptions crystallize $13.4M losses
The TOXR fund ended June with $112.9 million in net assets, down 54.4%, after $75.0 million in redemption distributions outpaced $25.5 million from creations.
21Shares XRP ETF TOXR lost more than half its assets in the first six months of 2026 as falling XRP prices met heavy redemptions, according to a CryptoSlate analysis of the fund’s quarterly filing. The ETF ended June with $112.9 million in net assets, down 54.4% from $247.7 million at the end of December.
CryptoSlate reports that the fund’s XRP holdings decline was amplified by outflows: XRP fell 42.9% to $1.0431 over the same period, while outstanding shares dropped 20% to 11.11 million from 13.89 million. For the half-year, TOXR recorded $75.0 million of redemption distributions versus $25.5 million contributed through creations, leaving $49.5 million in negative net capital transactions.
The redemption pressure also forced losses to be realized, with TOXR recognizing $13.36 million of losses on XRP disposed of for redemptions. CryptoSlate notes that $71.52 million of depreciation remained unrealized on XRP tokens the fund continued to hold.
CryptoSlate adds that redemption pressure eased in the second quarter, though the improvement did not translate into broad recovery in later flows. During the quarter, TOXR created 480,000 shares and redeemed 220,000 for net issuance of 260,000 shares, but its NAV fell 20.56% in the quarter as XRP declined 22.37%.
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