Grayscale CEO Files to Sell XRP ETF Shares as GXRP Shrinks

Grayscale, the crypto asset manager overseeing more than $35 billion in assets under management (AUM), has disclosed that CEO Peter Mintzberg plans to sell 2,611 shares of the company’s XRP ETF.

The filing comes as XRP trades near $1.09, raising questions about investor demand and the ETF’s weaker position in the market.

Grayscale CEO Moves to Sell GXRP Shares

Grayscale CEO Peter Mintzberg filed a Form 144 notice with the SEC to sell 2,611 shares of the Grayscale XRP Trust ETF, trading under the ticker GXRP. Based on the filing value of about $53,395, the shares are worth roughly $20.45 each.

Mintzberg acquired the shares on Oct. 3, 2024, through a private purchase from the trust, well before GXRP became a listed spot XRP ETF.

The proposed sale would be handled on NYSE Arca through Cantor Fitzgerald. 

Meanwhile, Mintzberg is also not the first Grayscale insider to reduce exposure to GXRP. Digital Currency Group founder Barry Silbert and Grayscale Chief Legal Officer Craig Salm filed notices to sell their pre-listing GXRP shares in January 2026, when the ETF was trading near $37.

While Mintzberg’s proposed sale is small, the wider movement in GXRP shares is more important for investors.

GXRP Share Count Falls as Competition Grows

Regulatory filings from January showed GXRP had approximately 5.79 million shares outstanding. However, more recent filings indicate that figure has declined significantly. 

Since ETF share redemptions typically require the fund to sell its underlying XRP holdings and reduce the number of outstanding shares, the drop may reflect weakening investor demand.

At the same time, GXRP is facing growing competition from newly launched U.S. spot XRP ETFs. While the broader XRP ETF market has grown to more than $971 million in net assets, Grayscale now holds only about 6% of the market, according to the Soso value data. 

Even so, investor interest in XRP remains strong overall, with cumulative inflows across U.S. XRP ETFs surpassing $1.5 billion.

XRP Price Faces Key $1.12 Resistance

Despite the filing news, XRP price continues to rise 2.57% in 24 hours to around $1.09.

However, the technical picture remains cautious. XRP is trading below its 30-day and 200-day moving averages, while RSI sits near 40 and MACD is close to a bearish crossover.

A daily close above $1.12 could strengthen the recovery and put $1.50 back in focus. If XRP fails to break higher, continued ETF redemptions and weaker momentum could keep the token under pressure.