Ripple Co-Founder David Schwartz Reveals Massive Crypto Sell-Off, Cuts XRP Holdings
David Schwartz, former chief technology officer of Ripple, has revealed that he sold nearly all of his cryptocurrency holdings because he was uncomfortable with the risks associated with holding digital assets. His disclosures show substantial reductions in his positions in XRP, Bitcoin (BTC) and Ethereum (ETH), including a decline in his XRP holdings from 26 million tokens to 3 million.
According to information shared by Coin Bureau, Schwartz also reduced his Bitcoin holdings from 1,500 BTC to just 1 BTC and his Ethereum position from 40,000 ETH to 6 ETH. The figures illustrate the extent of his cryptocurrency sell-off, although the timing of the transactions and the total proceeds remain unclear.
David Schwartz Dramatically Reduces XRP, Bitcoin and Ethereum Holdings
The disclosed figures show that XRP experienced the largest reduction in absolute token numbers. Schwartz's holdings fell from 26 million XRP to 3 million XRP, leaving him with a significantly smaller position in the cryptocurrency associated with Ripple.
His Bitcoin holdings underwent an even more substantial proportional reduction, declining from 1,500 BTC to just 1 BTC. Meanwhile, his Ethereum holdings dropped from 40,000 ETH to 6 ETH.
Despite the scale of these reductions, the available information does not establish exactly when Schwartz sold the assets or how much money he received from the transactions. Coin Bureau highlighted three historical sale prices associated with his disclosures: Bitcoin at $750, Ethereum near $1 and XRP at $0.10.
However, these figures do not establish the complete transaction history or confirm the prices at which all of his cryptocurrency holdings were sold. The overall financial outcome of the sales therefore remains unclear.
Why the Former Ripple CTO Decided to Sell
Schwartz attributed his decision to a personal preference for avoiding financial risk. He explained that he is uncomfortable with the uncertainty associated with holding substantial cryptocurrency positions and had previously agreed with his wife to sell at every new price high.
"Obviously, I wish I hadn't done those things," Schwartz said, acknowledging that some of his earlier selling decisions were ones he later regretted.
His comments provide insight into the personal risk-management approach behind the reductions. Rather than maintaining large cryptocurrency positions indefinitely, Schwartz said his strategy involved selling when assets reached new highs, in accordance with an agreement with his wife.
The admission also highlights the difference between recognizing the potential long-term value of an asset and being comfortable with the volatility and uncertainty involved in holding it.
Ripple Stock Remains Part of His Portfolio
Despite selling nearly all of his cryptocurrency holdings, Schwartz disclosed that he continues to own Ripple stock. The former CTO also acknowledged that his remaining equity position carries considerable risk.
He described the Ripple stock exposure as something that "alone carries more risk than I wish I had."
The statement indicates that his concerns about financial risk extend beyond cryptocurrencies and also apply to his remaining investment in the company. Although his XRP, BTC and ETH positions have been significantly reduced, his disclosure confirms that he has not completely eliminated his exposure to Ripple through its stock.
Schwartz's remaining cryptocurrency balances stand at 3 million XRP, 1 BTC and 6 ETH, alongside his continued ownership of Ripple stock.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
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