Grayscale XRP Trust ETF (NYSEARCA:GXRP) Sees Large Drop in Short Interest

Grayscale XRP Trust ETF (NYSEARCA:GXRP) saw a large drop in short interest in May. As of May 29th, there was short interest totaling 29,838 shares, a drop of 58.4% from the May 14th total of 71,680 shares. Based on an average daily volume of 31,060 shares, the days-to-cover ratio is presently 1.0 days. Currently, 1.2% of the shares of the company are sold short.

Grayscale XRP Trust ETF Trading Up 3.9%

Shares of NYSEARCA:GXRP opened at $22.12 on Friday. Grayscale XRP Trust ETF has a 1-year low of $20.75 and a 1-year high of $46.51. The stock’s 50 day moving average price is $26.14.

Institutional Trading of Grayscale XRP Trust ETF

Several institutional investors have recently modified their holdings of the company. Gallacher Capital Management LLC acquired a new stake in shares of Grayscale XRP Trust ETF during the 1st quarter worth approximately $728,000. Front Row Advisors LLC acquired a new stake in Grayscale XRP Trust ETF in the 4th quarter valued at $49,000. Finally, Goldman Sachs Group Inc. acquired a new stake in Grayscale XRP Trust ETF in the 4th quarter valued at $37,961,000.

Grayscale XRP Trust (listed on NYSE Arca under the ticker GXRP) is an investment vehicle managed by Grayscale Investments that holds XRP, the native digital token associated with the Ripple network. The trust issues shares intended to provide investors with exposure to the price movement of XRP through a single, tradable security without requiring direct ownership or custody of the underlying cryptocurrency.

The trust’s primary activity is custody and administration of XRP on behalf of its shareholders and the issuance of shares that reflect the value of the assets held by the trust, less applicable fees and expenses.