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home / news releases / GDLC - Bitwise unloads all Ripple in fund after SEC suit

GDLC - Bitwise unloads all Ripple in fund after SEC suit

Grayscale Digital Large Cap Fund LLC
Launched for trade only a couple of weeks ago, the Bitwise 10 Crypto Index Fund (BITW) had about 88% of its money in Bitcoin (BTC-USD) and Ethereum (ETH-USD), with Ripple (XRP-USD) making up 3.8% of the fund.The fund this morning announces the liquidation of that entire amount, the move coming after the SEC yesterday filed suit against Ripple, calling the asset (not without reason) an unregistered security. XRP is lower by another 30.6% today to $0.33. BITW is down 8.4%.As for Bitwise, it's mostly been in the news this month for its newness, its 2.5% management fee, and for trading at a whopping premium to NAV. Regarding that management fee, it prompted older peer, the Grayscale Digital Large Cap Fund (GDLC), to trim its fee 50 basis points to 2.5% earlier this week.The news on Ripple has many other alt-coins lower, including Ether, Litecoin (LTC-USD), and Bitcoin Cash (BCH-USD). Money is flowing into

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Bitwise unloads all Ripple in fund after SEC suit
Stock Information
Company Name: Grayscale Digital Large Cap Fund LLC
Stock Symbol: GDLC
Market: OTC
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