CEO of Major Firm Exits XRP. What’s Behind This Move?

CEO of Grayscale, Peter Mintzberg, has filed documents regarding the planned sale of part of his shares in the Grayscale XRP Trust ETF. This information comes at a time when GXRP is experiencing a noticeable decline in the number of units in circulation, while competition in the U.S. XRP ETF market is steadily increasing.

According to the Form 144 document submitted to the U.S. Securities and Exchange Commission, Peter Mintzberg intends to sell 2,611 units of the Grayscale XRP Trust ETF, traded under the symbol GXRP.

The estimated value of the planned transaction is around $53,400, which translates to a price of approximately $20.45 per unit. Mintzberg acquired the shares in October 2024 through a private transaction with the fund, prior to the listing of GXRP on the exchange as a spot XRP ETF. The sale is set to be conducted on the NYSE Arca platform through the entity Cantor Fitzgerald.

Peter Mintzberg is not the first representative of Grayscale to decide to reduce exposure to GXRP. In January 2026, similar documents were filed by Digital Currency Group founder Barry Silbert and Grayscale's legal director Craig Salm. At that time, the fund's units were priced at around $37. The sale planned by the current CEO has a relatively small value, so it may not necessarily indicate a definitive assessment of XRP's prospects. However, the decreasing number of units of the fund in circulation is of much greater significance to investors.

Earlier regulatory documents indicated that in January, GXRP had approximately 5.79 million issued units. However, newer data shows that this number has clearly decreased. In the case of ETF funds, a decline in the number of units is usually associated with redemptions made by investors. This process may require the sale of some underlying assets, in this case, XRP, and a reduction in the total number of shares available on the market. Such a situation may suggest weaker demand for Grayscale's product, although it does not necessarily mean a loss of interest in the entire segment of XRP-based funds.

The U.S. spot XRP ETF market is developing dynamically, with the total net asset value of the funds exceeding $971 million. According to the cited data, GXRP currently controls about 6% of this market. This means that Grayscale remains a significant player in the segment but is giving way to new products that have managed to attract investor capital more quickly. At the same time, cumulative inflows to all U.S. XRP ETF funds have surpassed $1.5 billion. This shows that despite the weaker performance of a single product, institutional interest in exposure to XRP remains high.

The information about the planned sale of shares by the CEO of Grayscale did not trigger a sharp reaction in the XRP market. The cryptocurrency's price rose by about 2.6% over the day and was hovering around $1.09. However, the technical situation remains cautious. XRP is trading below the 30- and 200-day moving averages, while the RSI indicator is around 40 points. The MACD is also approaching a bearish crossover, which may signal weakening momentum. The nearest important level remains resistance around $1.12. A close above this value could strengthen the rebound scenario and redirect market attention to the area around $1.50.

Mintzberg's planned transaction may attract attention due to his position, but its scale remains small compared to the assets managed by Grayscale. A much more significant signal will be the pace of further redemptions of GXRP and the fund's ability to compete with new products. If Grayscale continues to lose market share, it may be forced to lower fees, increase promotions, or change its distribution strategy. However, the situation of GXRP does not indicate a collapse of the entire XRP-based fund market. Growing net assets and high cumulative inflows show that investors remain interested in regulated products providing exposure to this cryptocurrency.

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