The CEO of GrayScale applies to sell shares of the GXRP ETF, becoming the third insider to cash out

According to Be In Crypto, Grayscale CEO Peter Mintzberg submitted Form 144 to the U.S. Securities and Exchange Commission (SEC), intending to sell 2,611 shares of Grayscale XRP Trust ETF (GXRP), with a total value of approximately $53,400, equivalent to $20.45 per share.

Previously, founder Barry Silbert and Chief Legal Officer Craig Salm submitted a similar application in January of this year, when the price per share was approximately $37, making Mintzberg's selling price about 45% lower.

It is noteworthy that the number of GXRP shares outstanding has plummeted from 5.79 million shares to 2.84 million shares in the past six months, a decrease of about 51%, reflecting that redemption pressure continues to exceed subscription. Currently, the total net assets of the U.S. spot XRP ETF are approximately $971.6 million, with GXRP accounting for about 6%.