Short Interest in Grayscale XRP Trust ETF (NYSEARCA:GXRP) Drops By 63.1%

Grayscale XRP Trust ETF (NYSEARCA:GXRP) was the target of a significant drop in short interest in the month of June. As of June 30th, there was short interest totaling 18,180 shares, a drop of 63.1% from the June 15th total of 49,321 shares. Based on an average daily volume of 44,508 shares, the short-interest ratio is presently 0.4 days. Currently, 0.7% of the company’s shares are short sold.

Grayscale XRP Trust ETF Stock Up 4.5%

GXRP stock traded up $0.93 during trading on Tuesday, hitting $21.61. 20,149 shares of the company’s stock traded hands, compared to its average volume of 82,701. Grayscale XRP Trust ETF has a 1 year low of $19.71 and a 1 year high of $46.51. The stock’s fifty day moving average price is $23.69.

Institutional Investors Weigh In On Grayscale XRP Trust ETF

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