21Shares' XRP ETF shed more than half its assets in the first six months of 2026 as a steep drop in XRP combined with heavy investor withdrawals, magnifying the fund's decline. TOXR finished June with $112.9 million in net assets, down 54.4% from $247.7 million at the end of December, while XRP fell 42.9% to $1.0431 over the same period. The fund's outstanding shares dropped 20% to 11.11 million from 13.89 million, showing that redemptions added to the damage from the token's price fall. The fund recorded $75 million of redemption distributions against $25.5 million of creations, resulting in $49.5 million of negative net capital transactions. It issued 1.47 million shares and redeemed 4.25 million. Those withdrawals forced the sale of part of its XRP holdings, leading TOXR to realize $13.36 million of losses on XRP disposed of for redemptions, while another $71.52 million of depreciation remained unrealized on tokens still held. Redemption pressure was concentrated in the first quarter, which 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. In the second quarter, TOXR created 480,000 shares and redeemed 220,000, for net issuance of 260,000 shares, but its NAV fell 20.56% as XRP declined 22.37%. That second-quarter improvement did not develop into a sustained recovery. While CryptoSlate said XRP-linked funds are on a four-month inflow streak totaling around $300 million, TOXR has registered fewer than five inflow days worth around $6 million during that period, and its cumulative net flow since launch has fallen to roughly -$20 million. The fund is also the only U.S. spot XRP ETF with negative cumulative flows. As of Aug. 11, its share count was 11.12 million, just 10,000 above the June level, while 21Shares reported $109.58 million in assets, below the $112.9 million recorded at quarter-end.