Short Interest in Grayscale XRP Trust ETF (NYSEARCA:GXRP) Grows By 78.2%

Grayscale XRP Trust ETF (NYSEARCA:GXRP) was the target of a large increase in short interest in the month of May. As of May 15th, there was short interest totaling 71,680 shares, an increase of 78.2% from the April 30th total of 40,220 shares. Approximately 2.9% of the company’s shares are short sold. Based on an average daily volume of 48,139 shares, the days-to-cover ratio is presently 1.5 days.

Institutional Trading of Grayscale XRP Trust ETF

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Gallacher Capital Management LLC purchased a new stake in shares of Grayscale XRP Trust ETF in the 1st quarter worth about $728,000. Front Row Advisors LLC purchased a new stake in shares of Grayscale XRP Trust ETF in the 4th quarter worth about $49,000. Finally, Goldman Sachs Group Inc. purchased a new stake in shares of Grayscale XRP Trust ETF in the 4th quarter worth about $37,961,000.

Grayscale XRP Trust ETF Trading Down 1.6%

Shares of Grayscale XRP Trust ETF stock opened at $23.31 on Thursday. The firm’s fifty day moving average is $26.64. Grayscale XRP Trust ETF has a 12-month low of $22.08 and a 12-month 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.