XRP now ranks as Bitwise’s third-largest holding with a 3.2% weight following relisting on Bitwise 10 Crypto Index Fund.
XRP, the fifth most significant crypto project, has secured another major support. This time, XRP secured a listing with the acclaimed world’s largest digital asset index fund manager, Bitwise.
In particular, Matt Hougan, the Chief Investment Officer at Bitwise Asset Management, shared the listing update in a recent interview on the Thinking Crypto podcast. The podcast host, Tony Edward, spotlighted the development in a recent tweet for the XRP Army.
XRP has been Relisted on Bitwise!
Matt Hougan, CIO at Bitwise Asset Management, breaks it down.
Watch the full interview https://t.co/gbSTcxK2GH#xrp $xrp #ripple #crypto #sec #altcoins @BitwiseInvest @Matt_Hougan pic.twitter.com/yUD8M2BhTQ
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) October 19, 2023
XRP Becomes Bitwise’s Third-largest Holding
In the interview, Edward asked the Bitwise executive about the company’s plans for XRP following recent developments from the lawsuit targeted at the digital asset. In response, Hougan confirmed that XRP has become a holding of Bitwise Asset Management, particularly the Bitwise 10 Crypto Index Fund (BITW).
Furthermore, Hougan noted that following the relisting, XRP became Bitwise’s third most significant holding, commanding a 3.2% share. In his words:
“Yeah, it is a holding now of the Bitwise 10. So it is the third largest holding at a 3.2% weight.”
Also, the Bitwise executive clarified the logic behind the initial removal. He noted that Bitwise delisted XRP from its Crypto Index Fund in 2020 following the lawsuit filed against XRP by the US Securities and Exchange Commission (SEC).
Recall that in December 2020, the SEC alleged XRP was an unregistered security token Ripple Labs supposedly marketed without federal authority. Hougan underscored that the XRP lawsuit injected some risk into the market. Therefore, the firm had to delist XRP.
“We removed it from the index the day the lawsuit came from the SEC because it injected a fair amount of risk into the market,” Hougan remarked. However, following the July 13 ruling where the US federal court judged that XRP is not a security, Bitwise has welcomed back XRP.
“But the lawsuit went through, and the ruling found it was not a security in most aspects. So it is back in the index where it belongs,” Hougan added. Therefore, XRP returned to the Bitwise 10 Crypto Index Fund, securing the third-largest position.
It is worth mentioning that XRP has also secured listing on virtually all US-based crypto trading platforms following the July proclamation.