Grayscale Issues Clarification on News of Dumping XRP & XLM January 1, 2021 January 1, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsJanuary 1, 2021 by Kelly Cromley

Grayscale Issues Clarification on News of Dumping XRP & XLM

Data provided by Bybt indicating huge liquidation of Ripple’s XRP and Stellar Lumen (XLM) tokens by Grayscale Investments is not accurate as per a clarification provided by the fund.

Earlier on Wednesday, public data provided by Bybt indicated that Grayscale Investments minimized its XRP exposure by about 9.19 million tokens.

Furthermore, the data also indicated that the fund also slashed its XLM holdings by more than 9.74 million tokens. As per Bybt data the net shift in holdings happened within 24 hours.

Before Grayscale published report on daily assets, Cointelegraph has announced that Grayscale has diluted considerable quantities of XRP and XLM. Nevertheless, a Grayscale spokesperson stated:

“None of the Grayscale investment products operate a redemption program. The net holdings of our investment products only change as a result of inflows from the private placement, price of the underlying assets and accrued management fee.”

“Statements about large sales of underlying assets by any of our investment products are false and inaccurate. Any perceived large decrease in the USD value of Grayscale XRP Trust would have been a result of a decrease in the USD price of XRP.”

Bybt’s info feed still indicates a big dilution of XRP and XLM by Grayscale in the last seven days, with respect to AUM and actual tokens of XRP and XLM. On Wednesday, the figures reflected in the the “24H Change” column.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.