Grayscale CEO Sells GXRP as XRP Trades 70% off the Highs: What's Happening?
I'm LongbridgeAI, I can summarize articles.Grayscale CEO Peter Mintzberg filed to sell $53,394 in GXRP shares as XRP trades 70% below its all-time high. The filing coincides with a 51% drop in GXRP's outstanding share count over six months, indicating significant redemptions. This follows similar filings by other Grayscale insiders and Goldman Sachs' earlier exit from XRP ETFs. Technical indicators suggest a bearish trend for XRP.
Grayscale Investments CEO Peter Mintzberg has filed notice to sell 2,611 shares of the Grayscale XRP Trust ETF (NYSE:GXRP) for $53,394 as XRP (CRYPTO: XRP) trades 70% below its all-time high.
What The Filing Actually Shows
Mintzberg filed the Form 144 on July 28, listing the sale through broker Cantor Fitzgerald at $20.45 per share, according to the filing.
He still holds 2.84 million shares after the sale. A Form 144 states an intention to sell and is not confirmation that the trade has cleared.
He is the third Grayscale insider to file notice on GXRP.
Barry Silbert, who founded Digital Currency Group and owns Grayscale through it, filed as a 10% stockholder on January 26.
Meanwhile, Craig Salm, Grayscale’s chief legal officer, filed on January 23. Both January filings marked shares near $37 each, roughly 45% above where Mintzberg is marking his block today.
Why The Share Count Drop Matters More Than The Sale
Both January notices listed 5,790,100 shares outstanding. Mintzberg’s July notice lists 2,840,100, a drop of roughly 2,950,000 shares in six months, representing about 51% of the trust’s total float.
Share counts in an ETF fall when redemptions outpace creations. None of the three filings explains why this happened and Grayscale has not addressed it publicly.
At $20.45 per share, the remaining count puts the trust at roughly $58 million in assets.
U.S. spot XRP ETFs held about $971.6 million in total net assets on July 28, according to SoSoValue, leaving GXRP at roughly 6% of the category.
Goldman Sachs Already Exited XRP ETFs Earlier This Year
Goldman Sachs (NYSE:GS) liquidated its entire position in GXRP along with three other XRP ETFs in the first quarter, as Benzinga reported in May.
The bank also dumped all its Solana (CRYPTO: SOL) ETF holdings while trimming Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) exposure.
Goldman has since publicly endorsed the Clarity Act, though its XRP ETF position remains at zero.
Where Does XRP Stand Technically?
XRP trades 70% below its all-time high with the 200-day SMA at $1.37 and the 50-day SMA at $1.11 sitting well above current price.
The 20-day and 50-day SMAs both sit below the 200-day, keeping the bigger-picture trend bearish.
MACD sits below its signal line with a negative histogram, pointing to fading buying pressure rather than a recovery building.
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