Linqto, an investment firm that provides liquidity to private securities markets, briefly ran out of shares of blockchain firm Ripple this week. As Kriptokoin.com, we are providing the details…
Ripple stocks sold out on Linqto
Linqto Digital Asset Sales Director Nick Burrafato tweeted on February 14 that his company is “running out of Ripple stocks”. Later, he said, more shares were added. In his February 15 tweet, Burrafato once again said that “a very limited amount of Ripple stock has reached the Linqto platform.” The firm has repeatedly sold its Ripple shares, but the news still shows high demand for Ripple-related investments.
Ripple has not yet made an IPO, which means investors have little choice to invest in the company through traditional markets. Linqto offers shares that represent its own investment in Ripple. The news comes just weeks after Ripple bought back its Series C shares at a valuation of $15 billion. This funding round took place in 2019 and raised $200 million. The tour was led by Tetragon Financial Group; SBI Holdings and Route 66 Ventures also participated.
Ripple’s battle with the SEC continues
Today’s news follows the developments in an ongoing Ripple lawsuit. In December 2020, the US Securities and Exchange Commission (SEC) claimed that Ripple’s ongoing sales of XRP involved the sale of unregistered securities and violated regulations. Now, this case approaches an important date. February 17 is the deadline for U.S. District Judge Analisa Torres to open and publish the two memos considered to be key evidence in the case.
The SEC believes the documents show that the company and its co-founder Chris Larsen were aware that the XRP token would be considered a security under federal law. The company and Larsen believe the regulator mischaracterized these notes. The outcome of the lawsuit will likely determine the fate of the XRP token and set a standard for the entire crypto industry. At the time of writing, XRP is changing hands at $0.83, up 1.3 percent.
45844
