Graysacale would have significantly reduced its holdings of XRP and XLM, according to Bybt
The Digital Asset Manager would have removed a large part of its holdings from both crypto-currencies.
Grayscale Investments, the world’s largest digital asset manager, would appear to have abandoned a significant portion of its XRP and XLM holdings.
Data from Bybt, a crypto currency futures trading platform, reveals that Grayscale’s XRP holdings declined by more than 9.18 million on December 29, bringing its total position to XRP 26.45 million, worth $5.77 million at the time of publication.
Bittrex Joins Coinbase in De-Listing Ripple’s XRP Following SEC Suit
On the same day, Grayscale would have liquidated over 9.74 million Stellar Lumens, or XLM, bringing its total holding to 9.19 million XLM, or $1.27 million at current prices.
Grayscale’s assets under management currently stand at $19.26 billion, with Bitcoin (BTC) accounting for 87% of the total.
The apparent sale of Grayscale’s XRP occurred one week after the U.S. Securities and Exchange Commission, or SEC, filed a lawsuit against Ripple Labs. The news triggered several exchanges, including Coinbase and Bittrex, to remove the asset from their listings, causing the price of XRP to fall by 60%.
Ripple promises to respond to the SEC „attack“ by seeing the XRP token removed from the exchanges‘ register
Ripple promised to fight the SEC’s charges and has urged market participants not to jump to any conclusions about whether XRP is a security or not until they hear his side of the story.
With all the regulatory scrutiny surrounding Ripple, it’s not hard to see why Grayscale may be distancing itself from cryptology. However, it is not entirely clear why the fund manager reduced his exposure to XLM at the same time.
The moves could be a temporary reallocation strategy as recent data shows that Grayscale actually increased its position in XRP and XLM after its recent price movements.
The SEC’s lawsuit against Ripple will be presented at a preliminary virtual conference in February
Stellar was co-founded by Jed McCaleb, a software developer who was part of the Ripple founding team before leaving the project in 2014. As of 9 December, McCaleb’s public XRP wallet had over 251 million XRP. It has reportedly sold hundreds of millions of dollars in XRP since early 2016.
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