Cryptocurrency Firm Grayscale Adds Cardano to Its Digital Large Cap Fund

Financemagnates 11 months ago Report
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Grayscale, the US-based cryptocurrency asset management firm, recently announced that the company has added Cardano, a proof-of-stake blockchain platform, to its Digital Large Cap Fund.

According to the official press release, the cryptocurrency firm has adjusted the portfolio of its Digital Large Cap Fund by selling certain amounts of the existing Fund components in proportion to their respective weightings and using the cash proceeds to purchase Cardano (ADA).

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Cardano (ADA) is one of the performing cryptocurrency assets of 2021 with a significant gain of more than 700%. ADA is currently the 5th most valuable digital asset with a market cap of over $45 billion. During the last 7 days, Cardano gained nearly 10%.

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Commenting on the latest addition of Cardano to Grayscale’s Digital Large Cap Fund, Edward McGee, Vice President of Finance at Grayscale, 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. Digital currencies represent a unique opportunity for investors to diversify their portfolios, and at Grayscale, we are proud to provide our investors with access to leading digital currencies through regulated, familiar product offerings.”

Founded by Charles Hoskinson, a co-founder of Ethereum, Cardano is a proof-of-stake blockchain platform.

Grayscale’s Cryptocurrency Holdings

According to the latest data published by Grayscale, the company now has $29.8 billion worth of cryptocurrency assets under management. The company has more than $21 billion worth of Bitcoin assets under management. Grayscale’s Ethereum Trust is the second most valuable investment trust for the company with over $6.5 billion worth of ETH assets under management. Commenting about the composition of its Digital Large Cap Fund, Grayscale mentioned: “At the end of the day on July 1, 2021, the Fund Components were a basket of 67.47% Bitcoin (BTC), 25.39% Ethereum (ETH), 4.26% Cardano (ADA), 1.03% Bitcoin Cash (BCH), 0.99% Litecoin (LTC), and 0.86% Chainlink (LINK).”

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