Grayscale introduced another cryptocurrency to its Large Cap fund. This time it hit the competitor of Ethereum – Cardano (ADA)
Grayscale buys Cardano
Grayscale announced Friday the addition of Cardano to its Digital Large Cap Fund.
In a press release, the digital asset giant confirmed that it had purchased the ADA Cardano token as part of its quarterly rebalance. The company sold other components of its portfolio to allocate it to a cryptocurrency based on the PoS consensus method.
Edward McGee, Grayscale’s vice president of finance, said of the update:
We are excited to welcome Cardano to our Digital Large Cap Fund portfolio as we are working to ensure that our diversified fund can safely hold assets that collectively cover 70% of the total digital asset market.
Cardano is a blockchain network that plans to support smart contract functionality similar to Ethereum. Its founder Charles Hoskinson previously worked on Ethereum during the project’s early years before launching Cardano. Blockchain uses a proof-of-stake mechanism called Ouroboros and is heavily dependent on extensive academic research. Hoskinson says the network will soon be ready to launch smart contracts, paving the way for technologies like NFT early this year.
The ADA accounts for 4.26% of the Grayscale fund
As of July 1, the Grayscale fund consists 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).
The digital asset management company also recently revealed that it is considering introducing projects like Solana, Polygon and a host of other DeFi tokens. The company intends to introduce single funds for these assets.
Grayscale offers a way for institutional investors to gain exposure to the cryptocurrency space without buying digital assets directly. It is one of the largest players in the cryptocurrency industry, currently with over 650,000 Bitcoins under management. Its total shares are over $ 30 billion at today’s prices.
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