Grayscale Investments CEO Peter Mintzberg filed a Form 144 on July 28 to sell 2,611 shares of the Grayscale XRP Trust ETF (GXRP) at $20.45 per share, a block worth $53,394.95. The filing makes Mintzberg the third insider to signal an exit from the trust, but his price is roughly 45% below where two other insiders marked their shares six months ago.
The third insider filing
Mintzberg, who took the CEO role in August 2024 after a stint at Goldman Sachs, bought the shares on October 3, 2024, through a privately negotiated purchase from the trust, settled in cash. Cantor Fitzgerald is handling the sale on NYSE Arca. He reported no sales over the prior three months.
Barry Silbert, a 10% stockholder, filed a Form 144 on January 26, and Craig Salm filed on January 23. Both marked their shares at approximately $37 each. Mintzberg's block is smaller and priced well below that level. A Form 144 states an intention to sell; it is not proof that a trade cleared. A later insider filing would confirm whether Mintzberg's shares actually sold.
What the share count reveals
The insider block is not the number to track — the share count is. GXRP's outstanding shares dropped from 5,790,100 to 2,840,100 over six months, a 51% decline. ETF share counts fall when redemptions outpace creations. At $20.45 per share, the remaining shares imply roughly $58 million in the trust.
US spot XRP ETFs held about $971.6 million in total net assets on July 28, with GXRP near 6% of the category. The trust opened as a private placement in September 2024, registered for a public listing in November 2025, and began trading on NYSE Arca that month. Rule 144 sets a six-month holding period for restricted shares of a reporting company, which Mintzberg's October purchase now satisfies.
XRP's price and ETF demand
XRP trades near $1.09, up about 3% in 24 hours, with a market value close to $68 billion. But the token sits roughly 70% below its record of $3.65, set on July 18, 2025, and is down about 66% over 12 months. Cooling XRP ETF demand has been noted: ETF desks sat out 10 of July's 17 trading days.
Insiders who bought GXRP in 2024 are now clearing the exit at half of January's mark. Grayscale's next quarterly report will say more about the redemptions.
The unresolved question
The open question for XRP holders is who is taking the other side of these redemptions. With the trust's share count shrinking and insider sales coming at lower prices, the market is absorbing supply from a fund that once held nearly $120 million in assets. Whether that supply is being met by new buyers or simply vanishing remains unclear.
