Peter Mintzberg, the CEO of Grayscale, a company managing assets worth over $35 billion, has announced plans to sell 2,611 shares of the $XRP exchange-traded fund.
Mintzberg filed a request with the U.S. Securities and Exchange Commission to sell 2,611 shares of the Grayscale $XRP Trust ETF (GXRP) for a total amount of $53,394.95 at a price of $20.45 per share.
The CEO purchased the specified shares through a private purchase from the trust on October 3, 2024, long before GXRP became an exchange-traded fund based on $XRP.
As stated, the sale of the $XRP ETF shares will be conducted through Cantor Fitzgerald on the NYSE Arca exchange.
CEO Mintzberg is not the first Grayscale executive to reduce his investments in GXRP. Previously, Digital Currency Group founder Barry Silbert and Grayscale Chief Legal Officer Craig Salm also notified the SEC about selling part of their GXRP shares before the IPO.
Market analysts believe that the CEO's sale of shares is aimed at reducing his stake in $XRP due to concerns over Federal Reserve interest rate hikes and delays in the passage of the Clarity Act.
As is known, GXRP was launched through a private placement of shares in September 2024, and insiders purchased shares at this stage, long before the IPO.
*This is not investment advice.
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