Grayscale Investments has announced the exclusion of XRP from its Digital Large Cap Fund (GDLC). The company referred to the announcement of the market maker Genesis Global Trading, which is an authorized participant of the fund, who announced a temporary suspension of XRP trading on December 30.
“According to the fund’s documentation, during the quarterly revaluation, the manager may decide to exclude a digital asset from the fund’s portfolio even if it meets the listing criteria, including but not limited to the inability of an authorized participant to enter into transactions or otherwise maintain such a digital asset. As a result, the fund removed XRP from its portfolio and sold all XRP assets in order to proportionally purchase additional tokens of the fund’s remaining components, ”the message says.
Prior to the January 4 sale, XRP accounted for 1.46% of the fund’s assets. After its exclusion, 81.63% of assets are represented by Bitcoin, 15.86% – Ethereum, 1.08% – Bitcoin Cash, 1.43% – Litecoin. As of January 4, the volume of GDLC was $ 282.6 million. Grayscale notes that it has decided not to include any new components in the GDLC fund to replace the deleted one.
A separate XRP-based trust with assets of $ 9.1 million remains under the management of Grayscale. Earlier, the company denied reports that they had liquidated a significant part of the tokens in its composition, and explained the decrease in capitalization by a fall in its own XRP price.
To date, a number of exchanges and trading services have limited their work with XRP, after the US Securities and Exchange Commission (SEC) filed a lawsuit against its issuer Ripple on December 22, accusing it of selling more than $ 1.3 billion in unregistered securities.
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