Grayscale XRP Trust ETF (NYSEARCA:GXRP) Sees Significant Decline in Short Interest

Grayscale XRP Trust ETF (NYSEARCA:GXRP) was the target of a significant decrease in short interest in the month of May. As of May 29th, there was short interest totaling 29,838 shares, a decrease of 58.4% from the May 14th total of 71,680 shares. Based on an average trading volume of 31,060 shares, the days-to-cover ratio is currently 1.0 days. Currently, 1.2% of the company’s stock are sold short.

Hedge Funds Weigh In On Grayscale XRP Trust ETF

Several hedge funds and other institutional investors have recently made changes to their positions in GXRP. Goldman Sachs Group Inc. acquired a new stake in Grayscale XRP Trust ETF in the fourth quarter valued at approximately $37,961,000. Front Row Advisors LLC acquired a new position in Grayscale XRP Trust ETF during the 4th quarter worth approximately $49,000. Finally, Gallacher Capital Management LLC purchased a new stake in shares of Grayscale XRP Trust ETF in the 1st quarter valued at approximately $728,000.

Grayscale XRP Trust ETF Trading Down 0.7%

Shares of NYSEARCA GXRP traded down $0.15 during mid-day trading on Friday, hitting $21.97. The company had a trading volume of 8,309 shares, compared to its average volume of 90,790. The business’s 50-day moving average price is $26.05. Grayscale XRP Trust ETF has a 1-year low of $20.75 and a 1-year high of $46.51.

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.