Grayscale has announced that it has updated its Digital Large Cap Fund to include Cardano (ADA)
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%.
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.
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.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.