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Cardano Added To Grayscale Investments Large Cap Crypto Fund

Grayscale Investments, the largest virtual currency asset management worldwide, announced this Friday the inclusion of Cardano to its Digital Large Cap Fund. Greyscale referred to this fund as a passive rule-abiding strategy seeking to offer exposure to 70% of the virtual asset market.

The announcement was made after a weekly review and readjusting of the fund. The company stated that the fund’s portfolio has been adjusted according to its construction criteria via selling fixed amounts of the already existing find components in relation to their relevant weightings and making use of the cash proceeds to invest in Cardano.
On July 1st, towards the end of the day, the fund’s components consisted of 67.47% Bitcoin, 25.39% Ethereum, 4.26% Cardano, 1.03% Bitcoin cash, 0.99% Litecoin, and lastly, 0.86% Chainlink.

Throughout the course of the April component weighing update held quarterly, Grayscale included Chainlink to make up for the gap left behind by XRP, which was previously eliminated from the Digital Large Cap Fund while Ripple’s case against the US SEC (Securities and Exchange Commission) intensified.

Grayscale presently has about 30 million USD in AUM (assets under management). Out of all of them, Bitcoin Trust happens to have the largest AUM, with over 22 billion USD worth of assets. That is succeeded by Ethereum Trust which has almost 6.9 billion USD. The fund has nearly 357 million USD in AUM.

Earlier this month, Grayscale stated that it was taking into consideration 21 cryptocurrency assets for investment products, Cardano included. In April, the firm revealed its plans to convert the Bitcoin Trust (GBTC) into a Bitcoin ETF (exchange-traded fund). In the meantime, the corporation has been seeing a rise in the institutional demand for crypto, with CEO Michael Sonnenshein remarking that virtual currencies have arrived at an “inflection point”.

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