Grayscale Makes Cardano (ADA) its Third-Largest Holding

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In Brief
  • Grayscale has announced ADA as a new project to its Large Cap Fund. 

  • The quarterly update sees ADA become the first of 31 assets under consideration to be added.

  • ADA is now the third-largest crypto holding in the fund behind ETH and BTC. 

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Grayscale has announced that it has updated its Digital Large Cap Fund to include Cardano (ADA)

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Grayscale has announced that it has added Cardano (ADA) to its large cap fund. The ADA holdings now make it the third-largest holding in the fund, behind bitcoin and ethereum. 

The company exposure to ADA is currently 4.26%. With bitcoin making up 67.47% and ethereum making up 25.39%. In fourth place is bitcoin cash with 1.03%. 

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Source: Twitter

In an announcement on Twitter, Grayscale commented on the addition of ADA, saying “Welcome aboard, Cardano. We have adjusted the portfolio of Grayscale Digital Large Cap Fund to now include ADA. Previously, the large cap fund did not hold ADA. The move to add the fifth-largest crypto by market capitalization relates to the fund’s “passive, rules-based strategy that seeks to provide exposure to 70% of the digital asset market.”

ADA finally added to Grayscale 

The addition of ADA comes just weeks after the company updated its “assets under consideration list. The list added 18 additional assets to total 31 possible projects to be added to the investment fund. 

However, it appears the first one selected out of the large list is ADA. The project has beaten out the likes of other well-known major cap projects such as Uniswap (UNI), Polkadot (DOT) and Internet Computer (ICP).

ADA price jumps after announcement

Following the announcement on Twitter, The price of ADA jumped nearly 6.50% to $1.38. ADA is currently the highest gainer in the top ten, with the price sitting at $1.36, up 4.5% on the day so far. The news also saw huge volume on Binance as buyers rushed to buy the news. 

Source: Tradingview

The quarterly portfolio adjustment by Grayscale, which was last completed in April. Saw the crypto investment fund add Chainlink (LINK). The next update to the portfolio is set for the end of September 2021. 

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Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

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