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Grayscale dumps XRP: Here’s where it’s putting the cash

Grayscale Investments, the world’s largest cryptocurrency asset manager, announced Tuesday that it has liquidated its XRP holdings and used the remaining funds to buy up more Bitcoin (BTC), Bitcoin Cash (BCH) and Litecoin (LTC).

The decision affects Grayscale’s Digital Large Cap Fund (OTCQX:GDLC), a market-cap-weighted asset that provides exposure to the largest cryptocurrencies by market capitalization. The sale of XRP occurred on Jan. 4, less than a week after Genesis Global Trading, the fund’s Authorized Participant, announced it would soon temporarily suspend XRP trading, likely in relation to the lawsuit filed by the United States Securities and Exchange Commission against Ripple.

Genesis Global Trading plans to halt all XRP transactions on Jan. 15.

Prior to the sale on Monday, XRP accounted for roughly 1.46% of the Digital Large Cap Fund. The fund’s components are now 81.63% BTC, 15.86% ETH, 1.08% BCH and 1.43% LTC. Each share represented 0.00047489 BTC, 0.00287011 ETH, 0.00047537 BCH, and 0.00167314 LTC.

Grayscale also confirmed the fund’s new composition in a series of Twitter posts on Tuesday.

 

Source: CoinDesk

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