Grayscale Sells XRP to Buy Bitcoin and Ethereum

Grayscale, the world’s largest crypto asset management firm, announced that it has removed XRP from its investment fund. The company added that it has used the new funds to buy other crypto assets including Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term, Litecoin and Bitcoin Cash.

According to the official announcement, Grayscale Digital Large Cap Fund (DLC Fund) decided to remove XRP in its quarterly review and mentioned that no other digital asset qualified for the inclusion. Additionally, the company outlined the current composition of the fund, which includes Bitcoin (81.6%), Ethereum (15.9%), Litecoin (1.4%) and Bitcoin Cash (1.1%).

“Prior to the sale of XRP on January 4, 2021, XRP was approximately 1.46% of the Fund. As of the end of the day on January 4, 2021, the Fund Components were a basket of 81.63% Bitcoin (BTC), 15.86% Ethereum (ETH), 1.08% Bitcoin Cash (BCH), and 1.43% Litecoin (LTC) and each Share represented 0.00047489 Bitcoin (BTC), 0.00287011 Ethereum (ETH), 0.00047537 Bitcoin Cash (BCH), and 0.00167314 Litecoin (LTC). The Fund does not generate any income and regularly distributes Fund Components to pay for its ongoing expenses. Therefore, the amount of Fund Components represented by each Share gradually decreases over time,” Grayscale mentioned in the official announcement.

XRP Delisting

The recent announcement came after several cryptocurrency exchanges worldwide announced XRP delisting citing the regulatory uncertainty regarding the status of the world’s fifth-largest cryptocurrency. Moreover, Bitwise, one of the leading crypto asset management firms, announced the liquidation of nearly $9.3 million worth of XRP in December after the SEC’s lawsuit. Furthermore, Genesis Global Trading, one of the authorized partners of the Grayscale fund announced the temporary suspension of XRP from 15 January 2021.

According to the latest data provided by Grayscale, the total value of the company’s crypto assets under management crossed $23 billion on Wednesday. Grayscale now has more than 600,000 Bitcoin with a total value of nearly $20.5 billion. The company’s Ethereum holdings are valued at $3.2 billion. The company's third most valuable asset is Litecoin with a total value of $180 million.