Bitwise Liquidates XRP Holdings Due to SEC Lawsuit Against Ripple
Bitwise Asset Management, a crypto fund manager since 2017, has announced that the
Bitwise 10 Crypto Index Fund (OTCQX: BITW) has liquidated its position in XRP.
A Tweet indicated that Bitwise had held an emergency meeting yesterday where the decision was taken to liquidate the crypto.
Bitwise said this was due to the enforcement action filed by the Securities and Exchange Commission alleging Ripple’s sale of XRP is a security subject to the registration requirements of the federal securities laws.
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, according to the company. Bitwise’s decision to liquidate its position in XRP was based on consideration of new public information from the SEC’s complaint.
Bitwise Update: Bitwise 10 Crypto Index Fund Liquidated Position in XRP
December 23, 2020 @ 11:53 am By Samantha Hurst
Bitwise Asset Management, a provider of crypto-asset index and beta funds, announced on Wednesday the Bitwise 10 Crypto Index Fund (OTCQX: BITW) (the Fund) has liquidated its position in XRP. Bitwise revealed that on Tuesday, December 22nd, the U.S. Securities and Exchange Commission (SEC) filed an action in the United States District Court for the Southern District of New York alleging, among other things, that XRP is a security subject to the registration requirements of the federal securities laws.
“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.”
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SAN FRANCISCO, Dec. 23, 2020 /PRNewswire/ Bitwise Asset Management, a leading crypto fund manager since 2017, issues this release to announce that the Bitwise 10 Crypto Index Fund (OTCQX: BITW) (the Fund ) has liquidated its position in XRP.
On Tuesday, December 22, the U.S. Securities and Exchange Commission ( SEC ) filed an action in the United States District Court for the Southern District of New York alleging, among other things, that XRP is a security subject to the registration requirements of the federal securities laws.
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.
High-Flying Crypto Fund Dumps XRP With Ripple in SEC ‘Hot Water’ The Securities and Exchange Commission said in a lawsuit that Ripple raised at least $1.4 billion through the sale of XRP without first registering it as a security with the agency.
Katherine Greifeld | Dec 23, 2020
(Bloomberg) 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.