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

Grayscale XRP Trust ETF (NYSEARCA:GXRP) was the recipient of a significant drop in short interest during 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 trading volume of 44,508 shares, the days-to-cover ratio is currently 0.4 days. Approximately 0.7% of the company’s shares are short sold.

Hedge Funds Weigh In On Grayscale XRP Trust ETF

Hedge funds have recently added to or reduced their stakes in the stock. Gallacher Capital Management LLC bought a new position in Grayscale XRP Trust ETF during the first quarter worth about $728,000. Front Row Advisors LLC bought a new stake in shares of Grayscale XRP Trust ETF in the 4th quarter valued at about $49,000. Finally, Goldman Sachs Group Inc. bought a new stake in shares of Grayscale XRP Trust ETF in the 4th quarter valued at about $37,961,000.

Grayscale XRP Trust ETF Price Performance

Shares of Grayscale XRP Trust ETF stock opened at $21.44 on Monday. The company’s fifty day simple moving average is $23.93. Grayscale XRP Trust ETF has a 52 week low of $19.71 and a 52 week 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.