Peter Mintzberg, CEO of Grayscale Investments, has submitted a notice to the SEC signaling his intention to sell 2,611 shares of the Grayscale XRP Trust ETF (GXRP), valued at about $53,395. Each share is priced at $20.45, significantly lower than the $37 per share marked by previous insider filings earlier this year.
Mintzberg, who took the helm of Grayscale in August 2024 after a tenure at Goldman Sachs, acquired these shares in a private transaction on October 3, 2024. The sale will be managed by Cantor Fitzgerald on the NYSE Arca exchange. While this filing indicates intent, it does not confirm that the sale has been completed. He is the third Grayscale insider to file such a notice for GXRP, following Barry Silbert and Craig Salm, who filed in January when shares were trading at a higher valuation.
Declining Share Count Reflects Changing Fund Dynamics
The filings also reveal a sharp decrease in GXRP's outstanding shares, dropping from 5,790,100 in January to just 2,840,100 by late July, a decline of roughly 51%. This suggests redemptions have outpaced new share creations, though Grayscale has yet to clarify the reasons behind this significant contraction. At the current price, the trust holds approximately $58 million in assets, representing about 6% of the total US spot XRP ETF market, which stood at $971.6 million on July 28 according to SoSoValue.
