Grayscale CEO and other insiders file to sell GXRP shares after significant price decline from $36.73 to $20.45 since January.
Ecosystem ·
Peter Mintzberg, chief executive of Grayscale, submitted a regulatory filing to divest approximately $53,395 worth of shares in the Grayscale XRP Trust ETF, representing 2,611 shares he acquired through a private transaction shortly after joining the company in August 2024. The move comes as two other company insiders, including Barry Silbert and Craig Salm, have similarly filed notices to sell their holdings in the product.
The timing underscores deteriorating conditions for the XRP trust. The share price has fallen from $36.73 to $20.45 over a six-month window, a substantial erosion of value since the Ripple ETF was made available. Total outstanding shares held by the trust contracted by 51% between January and July 2024, reflecting investor redemptions or withdrawals during the period.
What remains unclear is whether these insider sales signal broader concerns about the product's competitive standing or simply reflect individual liquidity decisions. The filing does not disclose any forward guidance on whether additional insiders plan to exit their positions, nor does it explain the mechanics driving the sharp decline in outstanding shares relative to competing products in the category.