Grayscale removes XRP from its Digital Large Cap Fund

Ripple • January 5, 2021, 9:20AM EST
UPDATED: January 5, 2021, 9:46AM EST
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Crypto asset manager Grayscale has removed XRP from its Digital Large Cap Fund.

Announcing the news on Tuesday, Grayscale said it sold all XRP from the fund on Monday and bought more of bitcoin (BTC), ether (ETH), litecoin (LTC), and bitcoin cash (BCH). XRP was approximately 1.46% of the fund.

The revised components of the fund are BTC (81.63%), ETH (15.86%), LTC (1.43%), and BCH (1.08%).

Grayscale did not mention the recent lawsuit filed against Ripple by the U.S. Securities and Exchange Commission (SEC) as a reason for removing XRP from the fund. But said Genesis Global Trading, the fund's authorized participant, is suspending XRP trading on January 15, so it had to remove the asset.

It is not clear whether Grayscale's other XRP product, Grayscale XRP Trust, would face similar action. The Block has reached out to the firm and will update this story should we hear back.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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