Bloomberg Law
Dec. 23, 2020, 10:07 PM

High-Flying Crypto Fund Dumps XRP With Ripple in SEC ‘Hot Water’

Katherine Greifeld
Katherine Greifeld
Bloomberg News

Bitwise Asset Management is dumping what was the world’s third-largest cryptocurrency after Ripple Labs Inc. and its top executives were accused by U.S. regulators of selling more than $1 billion of unregistered virtual tokens.

The Bitwise 10 Crypto Index Fund (ticker BITW) -- which has surged nearly 180% since its Dec. 9 launch -- has liquidated its position in digital asset XRP, which comprised 3.8% of its holdings, according to a Wednesday statement.

The decision comes after the Securities and Exchange Commission said in a lawsuit filed Tuesday that Ripple raised at least $1.4 billion through the ...