Key insights:
- Grayscale’s CEO became the third insider to file a sale notice for pre-listing GXRP shares.
- The filing represents an intended sale rather than confirmation that shares have been sold.
- Insider filings arrive as the fund continues losing market share to rival spot XRP ETFs.
Ripple XRP ETF moved back into focus after Grayscale chief executive Peter Mintzberg filed with the U.S. Securities and Exchange Commission to sell 2,611 shares of the Grayscale XRP Trust ETF. The filing arrives as the fund loses market share amid stronger competition from newly launched spot XRP ETFs, while XRP continues to test a key technical resistance level.
The proposed transaction follows earlier insider filings by Digital Currency Group founder Barry Silbert and Grayscale Chief Legal Officer Craig Salm. Although the planned sale is relatively small, investors are monitoring whether continued insider selling reflects broader changes in the fund’s position within the expanding U.S. XRP ETF market.
Grayscale executive joins earlier insider filings
Mintzberg submitted a Form 144 notice dated July 28, seeking permission to sell 2,611 GXRP shares through Cantor Fitzgerald on NYSE Arca. Based on the filing, the transaction carries an estimated value of $53,394.95, placing the share price near $20.45.
The filing states that Mintzberg acquired the shares on Oct. 3, 2024, through a privately negotiated cash purchase directly from the trust before the ETF began public trading. The 144s filings indicate a desire to sell restricted securities, not that the sale has occurred.
Mintzberg joined Grayscale in August 2024 as chief executive. He previously worked in a senior strategy position at Goldman Sachs in asset and wealth management.
His filing comes after that of Barry Silbert and Craig Salm, who both revealed in January 2026.Those filings covered pre-listing GXRP shares when the ETF traded near $37, significantly above current levels.
Metric Details
Executiv Peter Mintzberg
ETF Grayscale XRP Trust ETF (GXRP)
Shares proposed for sale 2,611
Estimated value $53,394.95
Estimated share price $20.45
Purchase date Oct. 3, 2024
Broker Cantor Fitzgerald
Exchange NYSE Arca
Falling GXRP share count signals changing investor demand
The Ripple XRP ETF story extends beyond insider transactions. Regulatory filings indicate GXRP had approximately 5.79 million shares outstanding in January. More recent disclosures show that figure has declined substantially.
ETF share redemptions generally reduce outstanding shares because funds redeem units by selling corresponding underlying assets. In particular, the reduction in the number of shares could be due to weaker investor demand and not just to common portfolio rebalancing.
In the meantime, competition has increased. There have been a handful of spot XRP ETFs in the U.S. market since the inception of GXRP and they have eaten into some of Grayscale’s market.
SoSoValue data source shows that the total net asset value of the XRP ETF market in the United States is more than $971 million. In spite of total industry inflows of more than $1.5 billion, GXRP represents about 6% of this amount.
Despite the low market share of Grayscale, institutional appetite for investing in XRP products has been steady with several new issuers gaining market traction.
Market watches price momentum along with ETF flows
The filing of the Ripple XRP ETF didn’t immediately affect market performance of XRP. The price of XRP was trading around $1.09 up by about 2.6% in the last 24 hours.
However, technical indicators remain mixed. XRP is trading below both the 30- and 200-day moving averages. The RSI is near 40 and the MACD may have formed a bearish crossover.
The $1.12 area remains a key resistance point to monitor, according to analysts. If they do continue to rise, it will help to reinforce the recovery story and put them back on track to meet $1.50.
Traders are also cautious meanwhile, waiting for more major macroeconomic events including the Federal Reserve’s policy stance and ongoing legislation that continues to impact the digital asset space.
The XRP ETF market is expected to change due to the competitive landscape.
Since its inception as a private placement in September 2024, the market for the Ripple XRP ETF has grown dramatically, making it a publicly traded asset in late 2025.
That change has led to a more competitive market offering investors a choice of several different spot XRP ETFs, rather than just one. Consequently, issuers are now offering greater competition in terms of fees, liquidity and asset growth.
Mintzberg said the proposed sale accounts for just a small fraction of the company’s outstanding shares but reinforces the attention of investors on the insider and fund flow. The metrics have become a big part of sentiment, in addition to XRP’s price action and institutional demand.
Conclusion
The Ripple XRP ETF remains under close scrutiny as Grayscale’s chief executive joins earlier insiders seeking to sell pre-listing GXRP shares. Although the filing does not confirm an executed transaction, it arrives during a period of declining fund share counts and stronger competition across the U.S. spot XRP ETF market. Investors will now watch future ETF flows, insider activity, and XRP’s ability to break above key resistance levels for the next indication of market direction.
