Short Interest in Grayscale XRP Trust ETF (NYSEARCA:GXRP) Rises By 116.7%

Grayscale XRP Trust ETF (NYSEARCA:GXRP) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totaling 210,834 shares, an increase of 116.7% from the August 15th total of 97,306 shares. Approximately 8.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 76,566 shares, the days-to-cover ratio is currently 2.8 days.

Grayscale XRP Trust ETF Trading Up 7.7%

Shares of NYSEARCA:GXRP traded up $2.03 during midday trading on Monday, reaching $28.40. 27,785 shares of the company’s stock traded hands, compared to its average volume of 72,620. The company has a fifty day simple moving average of $22.90 and a two-hundred day simple moving average of $24.67. Grayscale XRP Trust ETF has a 1 year low of $19.25 and a 1 year high of $46.51.

Hedge Funds Weigh In On Grayscale XRP Trust ETF

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Front Row Advisors LLC acquired a new stake in shares of Grayscale XRP Trust ETF in the fourth quarter valued at about $49,000. Gallacher Capital Management LLC purchased a new stake in shares of Grayscale XRP Trust ETF during the first quarter worth about $728,000. Finally, Goldman Sachs Group Inc. acquired a new position in shares of Grayscale XRP Trust ETF during the 4th quarter worth about $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.