With a 3.2% weight, XRP is currently Bitwise’s third-largest position after relisting on the Bitwise 10 Crypto Index Fund.
The fifth-most important cryptocurrency project, XRP, has gained considerable more backing. This time, XRP managed to get listed with Bitwise, the renowned company that manages the largest digital asset index fund in the world.
Specifically, in a recent interview on the Thinking Crypto podcast, Bitwise Asset Management’s Chief Investment Officer, Matt Hougan, disclosed the listing update. Tony Edward, the podcast presenter, announced the news in a recent tweet for the XRP Army.
XRP Rises to Third-Largest Holding in Bitwise Index Fund,XRP Rises to Third-Largest Holding in Bitwise Index Fund
Bitwise’s third-largest holding is now XRP.
Edward questioned the Bitwise executive during the interview about the company’s intentions regarding XRP in light of the current events surrounding the lawsuit aimed at the digital currency.
In response, Hougan stated that Bitwise Asset Management now owns XRP, namely the Bitwise 10 Crypto Index Fund (BITW).
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Hougan said that XRP, which now commands a 3.2% share, is Bitwise’s third-largest holding after the relisting. As he stated:
Indeed, it is currently a holding of the Bitwise 10. With a weight of 3.2%, it is the third-largest stake.
The Bitwise CEO also explained the reasoning behind the original withdrawal. He mentioned that Bitwise removed XRP from its Crypto Index Fund in 2020 as a result of a lawsuit the US Securities and Exchange Commission (SEC) had brought against the company.
Remember how the SEC claimed in December 2020 that Ripple Labs had sold XRP, an unregistered security token, without a federal licence. Hougan emphasised that there was some risk introduced into the market by the XRP litigation. As such, the company was forced to delist XRP.
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“We took it out of the index the day the SEC filed a lawsuit because it introduced a significant level of risk into the market,” said Hougan. Nonetheless, Bitwise has welcomed XRP back after a US federal court ruled on July 13 that it is not a security.
However, the case was heard, and the decision concluded that it was not a security in the majority of cases. Thus, it is once again in the index, where it belonged, said Hougan. Consequently, XRP made a comeback to the Bitwise 10 Crypto Index Fund, where it now has the third-largest ranking.
XRP Rises to Third-Largest Holding in Bitwise Index Fund,XRP Rises to Third-Largest Holding in Bitwise Index Fund,XRP Rises to Third-Largest Holding in Bitwise Index Fund, XRP Coin Crypto news, XRP Coin News