Digital assets giant Grayscale has added a substantial amount of Cardano (ADA) to its large cap fund.
Grayscale Banks on Cardano
In a Twitter thread posted yesterday, crypto-assets management firm Grayscale stated it had adjusted the portfolio of Grayscale Digital Large Cap Fund to accommodate Cardano (ADA).
For the uninitiated, the Grayscale Large Cap Fund is a passive, rules-based investment fund that aims to offer exposure to 70 percent of the digital asset market.
The company adjusted the Grayscale Large Cap Fund by selling certain amounts of the existing Fund components in proportion to their respective weightings. Grayscale used the proceeds to purchase ADA, the native coin of the Cardano smart contract platform.
The current Fund composition is as follows – Bitcoin (BTC) 67.47%, Ether (ETH) 25.39%, Cardano (ADA) 4.26%, Bitcoin Cash (BCH) 1.03%, Litecoin (0.99%), and Chainlink 0.86%.
A Busy Year for Grayscale
From the beginning of 2021, Grayscale has kept itself rather busy on the back of the crypto bull run witnessed throughout the first five months. In January 2021, BTCManager reported how the market’s upward movement had shot Grayscale’s assets under management (AUM) well beyond $27 billion.
In the same month, reports emerged that Grayscale was considering launch trusts for more cryptocurrencies such as Monero (XMR), AAVE, and Polkadot (DOT),
In the same vein, in March 2021 BTCManager reported that Grayscale had launched five new Trusts geared toward institutional investors. These trusts were for altcoins such as Chainlink (LINK), Livepeer, Filecoin (FIL), Basic Attention Token (BAT), and Decentraland (MANA).
In March, Grayscale also announced it had acquired a whopping 35,855,625 XLM worth $2.79 million at the time. The investment was made with a purpose of diversifying the fund’s crypto portfolio, the announcement read.
Eyeing the ETF Launch
While several countries around the world have approved crypto ETFs, the U.S. remains sans one due to strict regulatory hurdles. However, Grayscale and other institutional-grade asset management services are trying to change this ordeal.
As previously reported by BTCManager, Grayscale is making active plans to launch a bitcoin ETF. The firm also cleared recently it would convert its GBTC shares into an ETF once regulators approve such a derivative product in the U.S.
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