Bitwise Liquidates XRP Position in Crypto Index Fund Following SEC Suit Against Ripple
Crypto money manager Bitwise has liquidated $9.3 million worth of XRP in its crypto index fund.
The fund bets on 10 Ethereum-based protocols angling to shape the future of finance.
The fund aims to compete with Grayscale's Bitcoin Trust and others by offering a 50 basis point lower expense ratio.
The asset manager's chief investment officer says institutional interest in DeFi tokens is ramping up.
The number of advisers allocating to crypto in client portfolios rose from 6.3% to 9.4% in 2020.
Bitwise, a provider of crypto index funds, said it has now surpassed $500 million in assets under management.