Cryptocurrencies
High-Flying Crypto Fund Dumps XRP With Ripple in SEC ‘Hot Water’
- BITW liquidated its 3.8% position in token after SEC lawsuit
- XRP may become more difficult to trade and transact in: BI
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Bitwise Asset Management is dumping what was the world’s third-largest cryptocurrency after Ripple Labs Inc. and its top executives were accused by U.S. regulators of selling more than $1 billion of unregistered virtual tokens.
The Bitwise 10 Crypto Index Fund (ticker BITW) -- which has surged nearly 180% since its Dec. 9 launch -- has liquidated its position in digital asset XRP, which comprised 3.8% of its holdings, according to a Wednesday statement.