Grayscale, the largest institutional market gateway for cryptocurrencies and responsible for the largest funds in the market, ended the year with an incredibly risky purchase.
According to profile information CryptoWhale, the company completed the largest purchase of Ripple Labs' XRP token in its history, with 12.48 million XRP at the turn of the year. The move comes after the crypto has plummeted nearly 70% after the SEC (US securities regulator) accused Ripple Labs of making an illegal offer. As a result, several exchanges have already announced the removal of the asset from their platforms.
Change the bread to buy XRP?
Although the purchase seems big, Grayscale has $ 20 billion in assets under control (AUM) and about 87% of the amount is allocated in Bitcoin, followed by Ethereum with $ 2.2 billion and Bitcoin Cash with $ 83 million.
It seems that the intention is to buy low to profit from a possible favorable decision on the legal status of XRP and not a long-term investment as it seems to happen with most BTC purchases.
See also: Binance US announces it will remove XRP listing
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