The Bitwise Crypto Index fund has just announced they have sold XRP and bought other cryptos in the index, of which bitcoin accounts for 75% and eth accounts for 13%.
XRP was the third biggest holding, but that now has been converted into other cryptos with Bitwise stating:
“The Bitwise 10 Crypto Index Fund does not invest in assets that are reasonably likely to be deemed securities under federal or state securities laws.
Bitwise’s decision to liquidate its position in XRP was based on consideration of new public information from the SEC’s complaint.
Prior to the sale of the asset on December 22, 2020, XRP was approximately 3.8% of the Fund. The Fund liquidated its position and reinvested the proceeds in other portfolio assets.”
The Bitwise 10 Crypto Index Fund (BITW) handles more than $20 million in daily volumes on OTC Markets and has reached a market cap of $650 million.
The fund has more than doubled its assets under management since it began trading just over a week ago.
It’s styled like GrayScale where accredited investors can ‘mint’ shares at the net asset value, which currently stands at about $20, with these then freely traded on OTC Markets after a holding period.
These shares are trading at some 4x their underlying value, but Ripple is now no longer part of this index, with bitcoin and eth taking its value.