Grayscale CEO files to sell 2,611 GXRP shares as trust share count shrinks

Grayscale Investments CEO Peter Mintzberg filed notice with the U.S. Securities and Exchange Commission to sell 2,611 shares of the Grayscale XRP Trust ETF, or GXRP, for $53,394.95, implying a price of $20.45 a share. The July 28 Form 144 lists him as an officer of the sponsor of the issuer and says the shares were acquired on October 3, 2024 in a privately negotiated cash purchase from the trust. Cantor Fitzgerald is handling the proposed sale on NYSE Arca, and the filing states Mintzberg had not sold the issuer’s securities in the prior three months. A Form 144 signals intent to sell and does not by itself confirm that the trade was completed. Mintzberg is the third Grayscale insider to file such a notice on GXRP. Barry Silbert filed on January 26 as a 10% stockholder and Craig Salm, Grayscale’s chief legal officer, filed on January 23. Those earlier filings marked similar shares at about $37 each, leaving Mintzberg’s filing roughly 45% below the January level. The filings also point to a sharp contraction in the fund’s share count. Both January notices listed 5,790,100 shares outstanding, while Mintzberg’s July notice listed 2,840,100, a decline of 2,950,000 shares, or about 51%, in six months. In ETFs, shares outstanding typically fall when redemptions exceed creations. None of the filings explains the cause, and Grayscale has not publicly broken out the shift. At $20.45 per share, the remaining share count implies the trust is worth roughly $58 million. U.S. spot XRP ETFs held about $971.6 million in total net assets on July 28, according to SoSoValue, putting GXRP at about 6% of the category. XRP traded near $1.09, up about 3% in 24 hours, with a market value close to $68 billion. The token remained roughly 70% below its July 18, 2025 record of $3.65 and down about 66% over 12 months. The filing is small relative to XRP’s market size, but the drop in GXRP shares outstanding may draw more attention as a gauge of redemptions and investor demand. A later insider filing would show whether Mintzberg’s shares were actually sold, while Grayscale’s next quarterly report may offer more detail on the trust’s redemptions.