Grayscale CEO Files $53K GXRP Shares Before Ripple ETF

Grayscale CEO Peter Mintzberg filed a Form 144 to sell GXRP shares. The notice puts the total value at $53,394.95, or $20.45 per share. Cantor Fitzgerald will handle the sale on NYSE Arca. The filing comes as XRP ETF flows have slowed sharply this year.

Grayscale CEO Files Form 144 for GXRP Shares

Peter Mintzberg leads Grayscale as its chief executive. He filed a Form 144 on July 30, 2026. The filing lists his plan to sell GXRP shares. The total value comes to $53,394.95. That works out to $20.45 per share. Cantor Fitzgerald will process the trade. The sale would happen on NYSE Arca. Mintzberg reported no other sales in the past three months.

An SEC Form 144 insider selling notice is not a completed sale. It only tells the SEC that a sale may happen soon. The rule kicks in once a sale tops $50,000. Insiders like Mintzberg file these often as routine paperwork. He could still change his mind and skip the sale. Many executives use Form 144 before big trades.

The Securities and Exchange Commission requires this step for a reason. It gives the public an early look at insider activity. Investors often track these filings closely. A cluster of filings on one stock can signal a trend. Some traders treat multiple insider sales as a caution sign.

Peter Mintzberg Bought GXRP Shares in 2024

Mintzberg became Grayscale’s CEO on August 15, 2024. Grayscale confirmed the move in a Peter Mintzberg Grayscale CEO Goldman Sachs statement. He had led global strategy at Goldman Sachs before joining Grayscale. That role covered asset and wealth management. Mintzberg bought his GXRP shares just seven weeks into his new job. The purchase happened on October 3, 2024.

He used a private deal with the issuer to get the shares. Mintzberg paid cash rather than trading other assets for them. At that time, the fund was only a private placement. Only accredited investors could buy into it. Regular retail investors had no access at that stage.

The fund grew steadily over the following year. By its first anniversary in September 2025, it had grown further. It held close to $17 million by then. That total covered 301,500 shares. The fund later converted into a public ETF. That opened the door to far more investors. That shift mirrors a broader trend across new crypto ETFs.

Other Grayscale Insiders Sold GXRP Shares in January

Two more Grayscale insiders filed notices on the same stock. Both filings landed in January 2026. Digital Currency Group founder Barry Silbert is one of them. He counts as a 10% stockholder in the fund. He reported 9,158 shares worth $336,373.34. He held those shares through a Roth IRA.

Capital Institutional Services routed that trade for him. Chief Legal Officer Craig Salm also filed a notice. He reported 7,123 shares worth $266,970.04. Canaccord Genuity handled his side of the sale. Silbert’s notice named OTCQX as the trading venue. Salm’s notice named NYSE Arca instead, matching Mintzberg’s filing.

All three insiders bought their shares inside the same window. That window ran seven weeks in the fall of 2024. Both January notices reached the SEC on January 26. Salm actually signed his notice three days earlier. The timing shows a pattern of coordinated early buying. That kind of early buying often signals confidence in a new fund.

• Silbert bought 4,407 shares on September 14, 2024.
• Silbert bought 4,751 shares on October 4, 2024.
• Salm bought 2,319 shares on October 8, 2024.
• Salm bought 4,804 shares on October 31, 2024.

Why Did GXRP’s Share Price Drop 44%?

GXRP’s implied share price fell sharply between January and July. The January filings implied prices of $36.73 and $37.48. Mintzberg’s July notice lists just $20.45 per share instead. That marks a drop of 44% across six months. XRP’s own price weakened over that same stretch.

Outstanding shares fell just as sharply during that stretch. The January filings each listed 5,790,100 shares outstanding. Mintzberg’s July filing lists only 2,840,100 shares now. That is a cut of 2,950,000 shares, or 51%. Redemptions likely explain much of that drop.

At $20.45 a share, the fund’s value sits near $58 million. That is far smaller than it was in January. Falling prices and share redemptions both squeeze fund size at once. Together, they explain why GXRP shrank so much this year. Investors should watch coming filings for signs of stabilization.

How Does GXRP Compare to Other XRP ETFs?

Grayscale XRP Trust ETF GXRP trails the leaders in its category. It sits near $58 million in total fund value. Bitwise’s rival fund holds close to $500 million instead. Canary’s XRPC fund holds just under $470 million too. Both funds dwarf GXRP by a wide margin.

Grayscale uplisted the fund eleven days after a bigger launch. The first US spot XRP ETF began trading around then. That launch happened on Nasdaq on November 13, 2025. GXRP shares later opened for trading on NYSE Arca. That listing came on November 24, 2025.

The uplisting turned a private trust into a public ETF. That change let far more investors buy GXRP shares directly. Even so, GXRP has not caught up to its bigger rivals. Fresh cash has favored Bitwise and Canary instead this year. That pattern often plays out with new ETF launches industry wide.

What Do XRP ETF Flows Show Right Now?

Flows into XRP funds have slowed sharply this year. Seven of the last ten business days saw zero net flows. That stretch ran up through July 19. Still, the category holds close to $1.5 billion in total inflows since launch. Analysts call that a clear slowdown in demand.

XRP itself traded at $1.07 on July 30. That price sits 70.5% below its recent high. XRP hit that high, $3.65, on July 17, 2025. The token has lost most of its gains since then.

Weak flows and a falling token price often move together. Fewer new investors show up when prices slide. That combination may explain the pause in GXRP inflows. It also adds context to why insiders are selling now.

What This GXRP Filing Means for Investors

Mintzberg’s sale is smaller than the other two insider trades. Silbert and Salm reported bigger dollar totals back in January. Still, the falling share price stands out most. Shares priced near $37 in January now sit near $20.

That is a steep drop across just six months. One filing alone will not move the wider market. But three insider sales during a slow flow period draw notice. Investors watching GXRP should track whether more filings follow next quarter.

Grayscale has not commented publicly on the filing yet. The company usually stays quiet on routine insider paperwork like this.

This article is for informational purposes only and does not constitute investment advice. Every investment and trading decision involves risk. Readers should conduct their own research before making any financial decisions.