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Ripple To Sell MoneyGram Stake

Ripple is reportedly set to sell its stake in MoneyGram. It has been understood that Ripple will sell of at least one-third of its stake in MoneyGram. Incidentally, the investment by Ripple in MoneyGram was made only last year and it looks like a quick decision on their part.

A filing submitted in the U.S. Securities and Exchange Commission (SEC) mentioned that Ripple has authorized an unnamed financial institution to sell up to 4 million shares of MoneyGram on its behalf by March 31, 2020.

Ripple owns at least 2.3 shares of MoneyGram and a warrant that would give it the right to purchase extra 5.9 million shares. This would put Ripple’s total shares to about 8.2 million.

Speaking in terms of percentage, Ripple is selling 33% of its stake (including warrant shares). Despite the sale, Ripple would still hold close to 67% of the stake (12.2 million minus 4 million shares).

It must also be remembered that since Ripple’s purchase in MoneyGram, the latter’s stock price has skyrocketed to say the least. In June 2019, when Ripple bought the MoneyGram shares, they were trading at $4.10 apiece compared to about $7.45, their current market price.

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