Grayscale CEO Reduces XRP Exposure Amid Market Uncertainty
Grayscale CEO Peter Mintzberg has reduced his holdings in the GXRP XRP ETF, cutting exposure to XRP amid growing uncertainty in the crypto market. This comes as a surprise, as it marks the first time Mintzberg has reduced his XRP exposure. According to an SEC filing, he sold 2,611 shares of GXRP through broker Cantor Fitzgerald on October 2024, with a total market value of $53,394.
The sale is significant, given that GXRP ETF shares have fallen by more than 50% year-to-date. At the time of the filing, Mintzberg still holds 2.84 million shares in the XRP ETF. The Grayscale XRP Trust ETF has a total AUM of $58 million.
This development is part of a broader trend of Grayscale insiders reducing their exposure to XRP. Earlier this year, Grayscale CLO and Digital Currency Group cut their holdings in GXRP, and it seems that Mintzberg is following suit. The price of XRP has rebounded slightly amid buy-the-dip sentiment, but the sale may impact further upside momentum.