November 15, 2026 – The 21Shares XRP ETF rebounded 41% in the third quarter. Its own SEC filings show investors were still heading for the exit.
In Summary
Shares outstanding in the 21Shares XRP ETF fell 20.7% between Dec. 31, 2025 and Nov. 5, 2026.
XRP’s price, not new money, drove the fund’s $46.8 million asset gain in the third quarter.
Net redemptions of $50.5 million explain about 57% of the fund’s asset decline this year.
XRP has since slipped to about $1, so most of the third-quarter rebound has faded.
The 21Shares XRP ETF looked like a comeback story in the third quarter. Its net assets jumped 41% in three months. However, the fund’s own SEC filings tell a quieter story about demand. Catenaa reviewed the latest XRP ETF disclosures to separate price gains from new money.
What the XRP ETF filings show
The fund trades under the ticker TOXR, as its product page shows. It had 11,020,000 shares outstanding on Nov. 5, 2026, according to its September quarterly report. That compares with 13,890,000 shares at the end of 2025. As a result, the share count has dropped 20.7% this year.
For comparison, the fund reported 11,110,000 shares on June 30 in its second-quarter report. So the count has barely moved since midyear. It slipped just 0.8%.
Price did the heavy lifting in Q3
Net assets rose from $112.9 million on June 30 to $159.7 million on Sept. 30. That is a gain of $46.8 million. Meanwhile, the price of XRP rose 42.7%, from $1.0431 to $1.4887.
Catenaa split that gain into its parts. We used the fund’s statement of changes in net assets. Market moves added $47.9 million. In contrast, net share redemptions took out $1.0 million. The sponsor fee cost another $0.1 million.
In other words, price explained more than all of the gain. Buyers created 210,000 shares, but sellers redeemed 300,000. Flows were therefore slightly negative, even as the fund rallied.
Per share, net asset value rose to $14.49 from $10.16 in the quarter. That is a total return of 42.6%. Over nine months, however, the XRP ETF still returned negative 18.7%.
The bigger outflow came earlier
The first quarter tells a different story. Holders redeemed 4.03 million shares, while buyers created only 990,000 new ones. Net assets fell from $247.7 million to $142.1 million in those three months. Over nine months, the fund paid out $78.8 million on redemptions. It took in just $28.3 million from creations.
That leaves net outflows of $50.5 million. By Catenaa’s math, outflows explain about 57% of the $87.9 million drop in net assets this year. Lower XRP prices explain most of the rest.
The fund’s coin count confirms the trend. It held 107.3 million XRP on Sept. 30. That is down from 135.6 million at the start of the year. Each share now holds about 9.74 XRP, versus 9.76 on Dec. 31. Fees explain that small slide.
Fees are no longer the drag
Cost is not the obvious culprit. The sponsor fee fell to 0.30% from 2.50% on Dec. 11, 2025, the filings show. Even so, the heaviest redemptions came in the first quarter, right after the cut. Lower costs, therefore, did not stop the exits. The fund also moved to the FTSE XRP Index as its price benchmark on Aug. 27.
Where the XRP ETF stands now
The rebound has since faded. XRP closed near $1.01 on Kraken on Nov. 13. It then dipped to about $0.91 a day later. TOXR shares closed at $9.90 on Nov. 13. That is about 32% below the fund’s Sept. 30 net asset value of $14.49 per share. At that price, the fund’s 11.02 million shares are worth about $109 million, by Catenaa’s estimate. That is roughly $51 million less than on Sept. 30.
For XRP ETF investors, the lesson is simple. A rising fund balance does not prove rising demand. Share counts and creation data show who is actually buying. Catenaa will track the next quarterly filing for signs that new creations return.
Editorial note. Figures labelled as Catenaa calculations are derived from the fund’s SEC filings. Market effect combines realised and unrealised gains and losses reported in the statements of changes in net assets. Share count changes are not the same as dollar fund flows. XRP spot prices are Kraken daily closes in UTC and differ from the fund’s FTSE pricing benchmark. Nothing here is investment advice.
