Cardano Becomes Third-Biggest Holding of Grayscale's Digital Large Cap Fund

Grayscale's Digital Large Cap Fund has sold a portion of its Bitcoin holdings in order to add Cardano and increase its Ethereum holdings

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Fri, 2/07/2021 - 13:10

Cardano Becomes Third-Biggest Holding of Grayscale's Digital Large Cap Fund

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Leading cryptocurrency asset manager Grayscale has added Cardano (ADA) to its Digital Large Cap Fund, the company announced Friday.

The native cryptocurrency of the largest proof-of-stake blockchain is now the fund’s third-biggest holding with a 4.26 percent share (behind only Bitcoin and Ethereum).

Grayscale substantially trimmed Digital Large Cap Fund’s Bitcoin holdings from 79.8 percent by the end of Q1 to 67.47 percent by the end of Q1.

Apart from adding Cardano, it also increased its Ethereum holdings from 17.5 percent to 25.39 percent.

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The rebalancing is supposed to reflect the entire cryptocurrency market, according to Edward McGee, vice president of finance at Grayscale:

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.

Bitcoin dominance fell dramatically in Q2, currently sitting at 45.7 percent, CoinMarketCap data shows. Altcoins like Ethereum and Cardano have chipped away at the king’s market share.

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About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.