Grayscale Subtracts Ripple (XRP) from Portfolio… Liquidation of holdings
The U.S. Securities and Exchange Commission (SEC) and Ripple’s lawsuit have continued to stop supporting cryptocurrency Ripple (XRP). This time, digital asset manager Grayscale decided to temporarily suspend XRP support.
On the 5th (local time), Grayscale is the’Grayscale Digital Large Cap Fund’ consisting of large market cap cryptocurrencies on the 15th at 5pm (Eastern Time, Korea 16th 7am). It was announced through an official channel that XRP will be excluded from the program.
The company explained, “Even if a digital asset meets the criteria for incorporation into a fund, it can be subtracted from the investment portfolio according to special circumstances during the quarterly fund review period.
Accordingly, the fund will deduct XRP from its portfolio and liquidate its XRP. In the future, the fund will consist of Bitcoin (BTC·81.6%), Ethereum (ETH·15.9%), Bitcoin Cash (BCH·1.1%), and Litecoin (LTC·1.4%).
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Grayscale still operates a separate XRP trust. Meanwhile, it is known that it has not received new investors since the 23rd of last month, right after the lawsuit.
The asset manager said, “Existing trust investors will continue to receive annual reports, audited financial statements and related support.”
Last month, the SEC accused Ripple of selling XRP, an unregistered securities. Although no results were available, many companies are halting support to prevent regulatory risks.
Earlier, cryptocurrency asset management firm Bitwise also liquidated its $9.3 million XRP position, which constituted 3.8% of its cryptocurrency index fund.
“The fund does not invest in assets that could be considered securities under federal or state securities laws,” said Bitwise.
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