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.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.