In a recent post on the X social media network, Ripple CTO Emeritus David Schwartz recalled that he had felt like an “investment genius” after famously selling a total of 40,000 ETH when the leading cryptocurrency was trading at just $1.05
Schwarz was personally invited by Ethereum’s Buterin to take part in the launch of the red-hot altcoin
The architect behind the XRP Ledger wanted to show some support for the project and handed over a total of 20 BTC. This sum allowed Schwartz to buy the entire stash
HOT Stories
Ripple CEO Urges Banks to Act in Good Faith
Crypto Market Review: Bitcoin’s $70,000 Guarded Like Treasure, Will Shiba Inu Have Bullish March? Ethereum Breaks Above 100-Day Threshold
Schwartz initially bought the 40,000 ETH tokens at $0.311 and ended up walking away with a rather impressive return of 321%. The sale netted him a total of $42,000. Shortly after this, the price of the token would end up going parabolic
The proceeds were used by Schwartz to purchase a set of solar panels that he installed at his home in Oakland, California
Notably, Schwartz does not even own that house anymore, according to his latest tweet
Schwartz’s current net worth
Schwartz frequently shares information about his personal crypto holdings, which sets him apart from the rest of the Ripple executives
He has confirmed that he continues to hold both Bitcoin (BTC) and ETH, as well as several altcoins
The Ripple CEO previously claimed tha that he owned roughly 20 million XRPs, which was the biggest sum of the tokens that he has held at any point.
That said, the exact size of his net worth is unknown (it could be anywhere from $90 million to $500 million). It mainly depends on the value of his stake in Ripple. Schwartz famously opted for a 2% stake in the company instead of XRP holdings
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin, Ethereum, and Solana ETFs Record Net Inflows on April 13
Gate News message, According to April 13 data, Bitcoin ETFs recorded a 1-day net inflow of 3,353 BTC (+$240.82M) and a 7-day net inflow of 10,712 BTC (+$769.27M). Ethereum ETFs saw a 1-day net inflow of 29,225 ETH (+$64.41M) and a 7-day net inflow of 44,575 ETH (+$98.24M). Solana ETFs registered a 1
GateNews1h ago
A whale opens a 20x leveraged ETH long position, holding 13k ETH worth $28.67 million
Gate News update. On April 13, according to monitoring by Onchain Lens, a whale opened 20x leveraged ETH long positions using two different wallets. The whale holds 13,000 ETH, worth approximately $28.67 million. In addition, the whale also holds a 20x leveraged SOL long position with a size of 286,153 SOL; and a 5x leveraged DYDX long position.
GateNews1h ago
