Bitwise's crypto index fund has liquidated its XRP position

Ripple • December 23, 2020, 10:19AM EST
UPDATED: December 23, 2020, 10:33AM EST
Partner offers
The Block may may earn a commission if you use our partner offers, at no extra cost to you.

Crypto asset manager Bitwise has liquidated the XRP position of its crypto index fund.

Bitwise said the move took place in light of the U.S. Securities & Exchange Commission (SEC) has alleged that XRP is a security.

On Tuesday, the SEC officially sued Ripple and two of its executives — CEO Brad Garlinghouse and co-founder Chris Larsen — alleging that the firm brought in more than $1.3 billion via an ongoing, unregistered securities sales in the form of XRP.

Bitwise said its crypto index fund "does not invest in assets that are reasonably likely to be deemed securities under federal or state securities laws."

XRP had a share of 3.8% in Bitwise's crypto index fund before liquidation.

In light of the lawsuit allegations, several crypto exchanges, including OSL, CrossTower and Beaxy, have halted XRP trading.

TAGS
XRP

AUTHOR

Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

See More
Connect on

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on

More by Yogita Khatri