Linqto Sells Ripple Stock Before Deadline in SEC Lawsuit
Linqto Sells Ripple Stock Before Deadline in SEC Lawsuit.
Nick Burrafato, Digital Asset Sales Manager at Linqto, an investment firm that provides liquidity to the private equity market, tweet 14 that the company “didn’t sell out Ripple shares.”
Then in A tweet On Feb. 15, Burrafato said that “a very limited amount of Ripple stock has been added back to the Linqto platform.”
The company has sold off Ripple shares many times, but this news shows high demand for Ripple-related investments.
Ripple has yet to go public, meaning investors have few options to invest in the company through traditional markets. Linqto offers stocks that represent its own investment in Ripple.
The news comes just weeks after Ripple acquired its Series C stock at a valuation of $15 billion. This funding round took place in 2019 and raised $200 million. It is led by Tetragon Financial Group, SBI Holdings and Route 66 Ventures.
Ripple is approaching the date important
Today’s news coincides with developments in an ongoing Ripple lawsuit. In December 2020, the United States Securities and Exchange Commission (SEC) accused Ripple of selling XRP as an unregistered security and in violation of regulations.
Now this legal case is approaching its big day. February 17 is the deadline for US District Judge Analisa Torres to unseal and release two memos considered key evidence in the case.
According to Reuters, the SEC believes documents show Ripple and its co-founder Chris Larsen were aware that its XRP token would be treated as a security under federal law. Ripple and Larsen believe the regulator is misinterpreting these memos.
The outcome of the case will likely decide the fate of XRP and set a standard for the entire crypto industry. Attorney John Deaton suggested that the same test applied to Ripple and Larsen could also apply to other crypto founders, such as Ethereum creators Vitalik Buterin and Joseph Lubin.
XRP price chart | Source: Trade View
XRP price is up 5.34% in the last 24 hours and it is currently trading at $0.835. It is currently the sixth largest cryptocurrency in terms of market cap.
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