Grayscale CEO Peter Mintzberg has filed notice with the Securities and Exchange Commission (SEC) to sell 2,611 shares of the Grayscale XRP Trust ETF (GXRP) for $53,394.95. According to reports from BeInCrypto, this works out to $20.45 per share, representing a significant discount to previous insider sales. The notice is dated July 28 and lists Mintzberg as an officer of the sponsor of the issuer, having led Grayscale Investments since August 2024 after joining from Goldman Sachs. All 2,611 shares were purchased on October 3, 2024, in a privately negotiated cash settlement from the trust, with Cantor Fitzgerald handling the sale on NYSE Arca.
The current sale price of $20.45 per share represents approximately 45% below the prices at which other Grayscale insiders sold their shares in January 2025. As reported by BeInCrypto, Barry Silbert, who founded Digital Currency Group and owns Grayscale through it, filed as a 10% stockholder on January 26, while Craig Salm, Grayscale's chief legal officer, filed on January 23. The trust registered for public listing in November 2025 and began trading on NYSE Arca that month, with Rule 144 setting the six-month holding period for restricted shares. A Form 144 states an intention to sell but is not proof that a trade cleared.
The three insider filings reveal a significant decline in the fund's share count, with the remaining count dropping by 2,950,000 shares, or about 51%, in six months. According to BeInCrypto, both January notices listed 5,790,100 shares outstanding, while Mintzberg's July notice lists 2,840,100 shares. At $20.45 per share, the remaining count implies roughly $58 million in the trust, which represents approximately 6% of the total US spot XRP ETF category as of July 28. The share count decline typically occurs when redemptions outpace creations in ETFs, though none of the filings explain the specific cause.
XRP currently trades near $1.09, up about 4% in 24 hours, significantly outperforming a broader market that rose 1.46%, as reported by BeInCrypto. The token's rally was primarily driven by OSL Group's announcement that its Hong Kong digital asset exchange will open XRP trading pairs to retail investors at 20:00 on July 29, becoming the first exchange in Hong Kong to support retail XRP trading. OSL HK will offer three XRP trading pairs against USD and HKD, including lightning-fast trading for XRP/USD and over-the-counter trading for XRP/USD and XRP/HKD. The broader crypto market rose 1.46%, with Bitcoin up 1.8%, providing additional tailwinds. BeInCrypto notes that ETF desks have been sitting out 10 of July's 17 trading days, indicating cooling XRP ETF demand despite firm chart performance.
