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Former Ripple CTO sells nearly 40,000 ETH, 1,500 BTC and 23 million XRP
Former Ripple Chief Technology Officer David Schwartz revealed that he sold most of his cryptocurrency holdings because of his aversion to risk. At its peak, his portfolio included approximately 26 million XRP, 1,500 BTC and 40,000 ETH, but only a small fraction of those holdings remains.
In a discussion on X, Schwartz admitted that he feels extremely uncomfortable with high market volatility. According to him, he has not purchased XRP in a long time and has gradually reduced his positions in digital assets.
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However, the former Ripple executive continues to hold a substantial stake in the company. Schwartz noted that even this investment carries more risk than he would prefer to take.
How much cryptocurrency did David Schwartz sell?
According to Schwartz, his XRP holdings declined from a peak of 26 million to approximately 3 million tokens. His Bitcoin holdings fell from 1,500 BTC to just one BTC, while his Ethereum holdings dropped from 40,000 ETH to six ETH.
As a result, the former Ripple CTO sold approximately 88% of his XRP, more than 99% of his Bitcoin and virtually all of his ETH. However, he did not specify when the major sales took place or how much profit they generated.
Schwartz also revealed that he sold approximately 2.5 million XRP in 2025, most of which he had acquired in 2020 and 2023. Capital gains taxes on those transactions amounted to approximately $1.7 million.
He also explained that he uses a predetermined written trading plan, which is coordinated with a lawyer at least 30 days before a transaction.
According to Schwartz, this approach is necessary to avoid suspicions of trading on nonpublic information, such as knowledge of bugs in the XRP Ledger.
On July 20, the entrepreneur admitted that he had agreed with his wife to sell cryptocurrency whenever prices reached new all-time highs. He later regretted those decisions but emphasized that he was unwilling to tolerate high investment risk.
Ripple expands business as Schwartz reduces crypto holdings
The former CTO's revelations came during a discussion about notices sent to cryptocurrency holders by the U.S. Internal Revenue Service (IRS).
Schwartz said he recently received a Form 6174 letter but chose not to respond. Such notices remind taxpayers of their obligation to report digital asset transactions and do not, by themselves, indicate that an audit has begun.
Meanwhile, Ripple expects to increase annual revenue from its products to $900 million as it expands beyond cross-border payments. The company is developing its digital asset custody, stablecoin, brokerage and corporate treasury businesses.
According to Ripple, the number of customers using multiple company products has tripled over the past year. The total volume of transactions processed through its payment network is approaching $150 billion.
Earlier, we reported that Ripple expanded the capabilities of its corporate treasury management platform by adding tools for round-the-clock cash management. The new features are designed to give businesses access to financial transactions regardless of traditional banking hours.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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