Grayscale CEO Files to Sell XRP ETF Shares He Bought Before Listing

Grayscale chief executive 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. That works out to $20.45 per share.

He is the third Grayscale insider to file that notice on this fund. Barry Silbert and Craig Salm filed in January, when the same shares were marked near $37 each.

What Mintzberg’s Form 144 Actually Discloses

The notice is dated July 28. It lists Mintzberg as an officer of the sponsor of the issuer.

He has led Grayscale Investments since August 2024. He joined from Goldman Sachs, where he ran strategy for asset and wealth management.

All 2,611 shares were bought on October 3, 2024, in a privately negotiated purchase from the trust, settled in cash. Cantor Fitzgerald is handling the sale on NYSE Arca.

Mintzberg reported no sales over the prior three months. A Form 144 states an intention to sell. It is not proof that a trade cleared.

Why the January Filings Change How This Reads

Grayscale opened GXRP as a private placement in September 2024. Insiders bought in at that stage, well before any public trading.

The trust registered for a public listing in November 2025 and began trading on NYSE Arca that month. Rule 144 sets when such restricted shares can be resold, and for a reporting company the holding period runs six months.

Two insiders moved first. Silbert, who founded Digital Currency Group and owns Grayscale through it, filed as a 10% stockholder on January 26. Salm, Grayscale’s chief legal officer, filed on January 23.

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Mintzberg is moving a smaller block. He is also marking it approximately 45% below where the other two marked theirs six months earlier.

What Happened to the Fund’s Share Count

The three filings expose something larger than any single stake. Both January notices list 5,790,100 shares outstanding.

Mintzberg’s July notice lists 2,840,100. The share count has dropped by 2,950,000, or about 51%, in six months.

Share counts in an ETF fall when redemptions outpace creations. None of the three filings explains the cause, and Grayscale has not broken it out publicly.

At $20.45 a share, the remaining count implies roughly $58 million in the trust. US spot XRP ETFs held about $971.6 million in total net assets on July 28, according to SoSoValue, leaving GXRP near 6% of the category.

What This Means for XRP Holders Next

XRP (XRP) trades near $1.09, up about 3% in 24 hours, with a market value close to $68 billion. A $53,000 notice cannot move that.

The token sits roughly 70% below its record of $3.65, set on July 18, 2025. It is down about 66% over 12 months.

So the insider block is not the number to track. The share count is.

BeInCrypto’s XRP price outlook flagged ETF desks sitting out 10 of July’s 17 trading days. A separate read on cooling XRP ETF demand noted the gap between a firm chart and thin buying.

A later insider filing would confirm whether Mintzberg’s shares actually sold. Grayscale’s next quarterly report will say more about the redemptions.

Insiders who bought GXRP in 2024 are now clearing the exit at half of January’s mark. The open question for XRP holders is who is taking the other side.