Grayscale Investments, the world’s largest digital asset manager, has reportedly thrown away a significant portion of its XRP and XLM assets.
Data from Bybt, a trading platform for cryptocurrency futures, showed that Grayscale’s holdings decreased by more than 9.18 million XRP on December 29, bringing the total position to 26.45 million XRP, to a value of 5.77 million dollars at the time of publication. …
On the same day, Grayscale raised over 9.74 million Stellar Lumens, or XLMs, bringing the total assets of XLM 9.19 million, or $ 1.27 million, to current prices.
Grayscale assets under management are currently at $ 19.26 billion, with bitcoin (BTC) accounting for 87% of the total.
The apparent XRP sale on Grayscale came a week after the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs. The news triggered a large number of depreciations from major stock exchanges, including Coinbase and Bittrex, as XRP prices fell 60%.
Ripple has promised to respond to the SEC’s allegations and urge market participants not to draw any conclusions about the alleged XRP security situation until they hear its version.
With all the control from the regulators around Ripple, it is not difficult to see why shades of gray were not used for cryptocurrency. However, it is not entirely clear why the fund manager also reduced its exposure to XLM.
The move may be a temporary relocation strategy, as evidenced by recent data showing that Grayscale has actually increased its XRP and XLM positions following the recent fall in prices.
He co-founded Stellar with Jed McCaleb, a software developer who was part of the Ripple Foundation team before leaving the project in 2014. As of December 9, McCaleb’s public XRP portfolio had over 251 million XRP. It has reportedly sold hundreds of millions of dollars worth of XRPs since early 2016.