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

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

Grayscale XRP Trust ETF Trading Up 3.9%

Shares of GXRP stock opened at $22.12 on Friday. The company has a fifty day moving average of $26.14. Grayscale XRP Trust ETF has a one year low of $20.75 and a one year high of $46.51.

Institutional Trading of Grayscale XRP Trust ETF

Institutional investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. acquired a new stake in Grayscale XRP Trust ETF in the 4th quarter valued at $37,961,000. Front Row Advisors LLC acquired a new stake in Grayscale XRP Trust ETF in the 4th quarter valued at $49,000. Finally, Gallacher Capital Management LLC acquired a new stake in Grayscale XRP Trust ETF in the 1st quarter valued at $728,000.

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.