Grayscale Buys Cardano: ADA is Now The Fund’s Third-Largest Holding

Forum 2 years ago

Grayscale Buys Cardano: ADA is Now The Fund’s Third-Largest Holding

Grayscale announced that it has purchased Cardano (ADA), which is now the third-largest holding in its large-cap crypto fund.

Grayscale, the world’s leading digital asset management fund, revealed that it had rebalanced its portfolio in a way where Cardano’s ADA is now the company’s third-largest holding.

• According to an announcement from earlier today, Grayscale – the world’s leading digital asset manager, has adjusted the portfolio of the Grayscale 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).”

• Per the table provided by the company, ADA is now the fund’s third-largest holding after Bitcoin and Ethereum, and it accounts for 4.26% of the total portfolio.

• Speaking on the matter was Edward McGee, Vice President of Finance at Grayscale, who 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.”

• CryptoPotato reported earlier that the company registered trusts for a few cryptocurrencies, including Cardano, and it seems that it’s finally moving to capitalize on the altcoin that surged in both price and popularity throughout 2021.