Cardano Becomes Grayscale Third-Largest GLDC Fund Holdings
Grayscale added ADA to the Grayscale Digital Large Cap Fund (GDLC). Grayscale sold other components of the GLDC fund proportionately This article was first published on coinquora.com
News - Grayscale added ADA to the Grayscale Digital Large Cap Fund (GDLC).
- Grayscale sold other components of the GLDC fund proportionately to buy ADA.
- Cardano becomes the third-largest holding in Grayscale’s GDLC fund.
Grayscale Investments has acquired Cardano (ADA) and added it to the Grayscale Digital Large Cap Fund (GDLC). Reportedly, Grayscale sold proportionate amounts of the existing components in the fund and used the cash to purchase the ADA.
Welcome aboard, #Cardano. We have adjusted the portfolio of Grayscale Digital Large Cap Fund to now include $ADA.
— Grayscale (@Grayscale) July 2, 2021
Moreover, this addition is part of rebalancing GDLC that brings the fund components to six coins. These are Bitcoin, Ethereum, Cardano, Bitcoin Cash, Litecoin, and Chainlink.
However, BTC remains the dominant cryptocurrency, forming 67.47% of the fund and ETH’s 25.39% share. While ADA is the most recent addition, it is the third-largest component of the fund, accounting for 4.26% of the portfolio. Additionally, BCH comes next with 1.03%, followed by LTC with a 0.99% stake. Finally, LINK is the smallest crypto in the fund with a 0.86% share.
Edward McGee, Grayscale’s Vice President of Finance, said:
“We are excited to welcome Cardano to our Digital Large Cap Fund’s portfolio as we work to ensure that our diversified Fund can safely hold assets that collectively comprise 70% of the entire digital asset market.”
After Grayscale announced support for ADA, the coin’s price climbed to trade as high as $1.38. At the same time, the coin has had a slight correction to trade at $1.36. In fact, it remains the largest gainer on the top-10 list of leading cryptos, with a 2.55% change over the past 24 hours.
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