Grayscale reportedly dumps massive stakes in XRP, XLM

CoinTelegraph

Grayscale Investments, the world’s largest digital asset manager, has reportedly dumped a significant portion of its XRP and XLM holdings.

Data from Bybt, a cryptocurrency futures trading platform, reveal that Grayscale’s XRP holdings declined by more than 9.18 million on Dec. 29, bringing its total position to 26.45 million XRP, worth $5.77 million at press time.

How To Get Free Crypto  

On the same day, Grayscale reportedly liquidated over 9.74 million Stellar Lumens, or XLM, bringing its total holdings to 9.19 million XLM, or $1.27 million at today’s prices.

Grayscale’s assets under management currently sit at $19.26 billion, with Bitcoin (BTC) making up 87% of the total.

Grayscale’s apparent firesale of XRP came a week after the U.S. Securities and Exchange Commission, or SEC, filed a lawsuit against Ripple Labs. The news triggered a wave of delistings from major exchanges, including Coinbase and Bittrex, as XRP’s price plunged 60%.

Ripple has vowed to fight back against the SEC’s charges and has urged market participants not to reach any conclusions about XRP’s alleged security status until they hear its side of the story.

With all the regulatory scrutiny surrounding Ripple, it’s not difficult to see why Grayscale may be distancing itself from the cryptocurrency. It isn’t entirely clear, however, why the fund manager reduced its exposure to XLM at the same time.

Coinbase Banner  

The moves could be a temporary reallocation strategy, as evidenced by recent data showing that Grayscale actually increased its position in XRP and XLM following their recent price dumps. 

Stellar was co-founded by Jed McCaleb, a software developer who was part of Ripple’s founding team before departing the project in 2014. As of Dec. 9, McCaleb’s public XRP wallet held over 251 million XRP. He has reportedly sold hundreds of millions of dollars worth of XRP since early 2016.

Grayscale and Stellar did not immediately respond to requests for comment.

Go to Source
Author: Sam Bourgi


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.