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Polygon (MATIC) Now Part of Grayscale's Large Cap Fund

Fri, 10/07/2022 - 15:45
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Alex Dovbnya
Polygon (MATIC) has been added to Grayscale's large-cap fund that was initially launched in early 2018
Polygon (MATIC) Now Part of Grayscale's Large Cap Fund
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Leading cryptocurrency asset manager Grayscale has added support for Polygon (MATIC) to its large-cap crypto fund as part of its quarterly rebalancing, according to a Friday announcement.

Grayscale, which is a subsidiary of venture capital giant Digital Currency Group, launched the large-cap fund in February 2018.

The fund's aim is to provide investors with exposure to top cryptocurrency assets by liquidity. It initially offered five cryptocurrencies.

Last October, the fund in question added Solana (SOL), one of the top "Ethereum killers."

Last July, Cardano (ADA) also ended up among the constituents of the fund.

After the most recent rebalancing, Bitcoin (BTC) constitutes 65.12% of the $193 million fund.

Ethereum (ETH) comes in second place (28.25%), while ADA comes in a distant third place with 2.49%. MATIC, the most recent addition, has a 1.25% share.

As reported by U.Today, Grayscale removed Bitcoin Cash (BCH), Litecoin (LTC) and Chainlink (LINK) as part of the previous rebalancing.

Last January, the fund dropped XRP following the U.S. Securities and Exchange's lawsuit against Ripple.

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The large-cap fund is down 65.2%

Those who put money into the fund a year ago are now down 65.2% over the past 24 hours, with major cryptocurrencies suffering significant losses due to macroeconomic headwinds. The fund is up a modest 21.9% since its inception.  

BTC and ETH prices are down 71.54% and 72.53%, respectively, from their peaks that were achieved roughly a year ago.

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About the author

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.