Grayscale added Cardano (ADA) to its DLC fund. Grayscale Investments, the world’s largest digital asset manager, announced that it added Cardano (ADA) to the Digital Large Cap fund as a result of its evaluation based on its second quarter performance.
According to a press release released on Friday, the company sold some of the assets in the fund and used the proceeds to buy Cardano (ADA).
- The weight distribution of the Digital Large Cap fund is listed as 67.47% Bitcoin, 25.39% Ethereum, 4.26% Cardano, 1.03% Bitcoin Cash, 0.99% Litecoin and 0.86% Chainlink as of July 1.
- Grayscale Vice President of Finance Edward McGee said that “digital currencies offer a unique opportunity for investors looking to diversify their portfolio” and that Grayscale is “proud to offer a regulated product” to its clients.
- The Digital Large Cap fund under the umbrella of Grayscale aims to add cryptocurrencies that meet 70% of the total value of the market among themselves in the crypto money market.
- Founded by Charles Hoskinson and with a market capitalization of over $43 billion at the time of writing, Cardano is positioned as the 5th largest cryptocurrency in this regard, according to CoinGecko.