Grayscale CEO Sells $53K in GXRP Shares

Grayscale CEO Files to Sell $53K of GXRP Shares

Grayscale CEO Michael Mintzberg has filed a notice indicating his intention to sell shares valued at approximately $53,394.95, or $20.45 per share. Cantor Fitzgerald is managing the sale on the NYSE Arca.

Mintzberg acquired these shares on October 3, 2024, through a private transaction directly with the issuer, paying in cash. He reported no prior sales of this security in the preceding three months. A Form 144 filing signifies an intention to sell and does not confirm a completed transaction.

Mintzberg assumed the role of Grayscale’s CEO on August 15, 2024, joining from Goldman Sachs. This purchase occurred seven weeks into his tenure. At the time of its first anniversary in September 2025, the fund, which was a private placement for accredited investors, held close to $17 million across 301,500 shares.

Other Insiders Also Filed Notices

Two other Grayscale insiders filed similar notices for the same security in January. Barry Silbert, founder of Digital Currency Group and a 10% stockholder, reported 9,158 shares worth $336,373.34, held through a Roth IRA and managed by Capital Institutional Services.

Additionally, Chief Legal Officer Craig Salm reported 7,123 shares valued at $266,970.04, held via Canaccord Genuity. Silbert’s notice specified OTCQX as the trading venue, while Salm’s and Mintzberg’s both named NYSE Arca.

All three insiders purchased their shares within the same seven-week period in 2024. Silbert acquired 4,407 shares on September 14 and an additional 4,751 on October 4. Salm purchased 2,319 shares on October 8 and 4,804 on October 31.

Share Price Decline Noted

The January notices were both submitted to the SEC on January 26, with Salm signing his three days prior. These filings suggest share prices of $36.73 and $37.48, a notable contrast to the $20.45 price in Mintzberg’s notice, indicating a decline of approximately 44% over the six months between the filings.

The January filings each listed 5,790,100 shares outstanding. Mintzberg’s recent notice lists 2,840,100 shares, representing a reduction of 2,950,000 shares, or 51%. At $20.45 per share, the remaining shares value the trust at nearly $58 million. This valuation places it behind category leaders such as Bitwise’s fund, valued at close to $500 million, and Canary’s XRPC fund, below $470 million.

Fund’s Listing and Market Context

Grayscale uplisted the fund eleven days after the first U.S. spot XRP ETF commenced trading on Nasdaq on November 13, 2025. GXRP shares began trading on NYSE Arca on November 24.

Within the XRP fund category, seven of the ten business days leading up to July 19 recorded zero net flows for U.S. spot XRP funds, despite cumulative inflows of close to $1.5 billion since their launch.

XRP was trading at $1.07 on July 30, a significant 70.5% decrease from its high of $3.65 reached on July 17, 2025.