Cardano (ADA) Strengthens Presence in Grayscale's Smart Contract Platform Fund

Grayscale Investments, the world's largest digital currency asset manager, announced the first quarter 2023 rebalancing of its funds today, revealing a strengthened presence for Cardano (ADA) in its Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund).

The updated fund component weightings placed Cardano at 28.13%, a slight increase compared to the previous quarter. Grayscale's GSCPxE Fund offers investors exposure to smart contract platforms beyond Ethereum, highlighting the growing importance of Cardano in the rapidly expanding smart contract ecosystem.

However, in the Grayscale Digital Large Cap Fund, Cardano witnessed a slight decrease in its share, going from 1.86% in Q4 2022 to 1.69% in Q1 2023.

Despite the reduction, the ADA token remains among the top digital assets in the fund's basket, reflecting its continued significance in the broader cryptocurrency market.

The Grayscale Digital Large Cap Fund's basket also includes other major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), and Solana (SOL).

Cardano's innovative proof-of-stake consensus mechanism and its focus on sustainability, scalability, and security have made it a strong contender in the smart contract platform space, with many industry experts considering it a potential competitor to Ethereum. 

About the author
Alex Dovbnya