Cardano (ADA) Gains 3rd Largest Weightage in Grayscale’s Rebalanced Large Cap Fund
As part of its quarterly composition of Digital Large Cap Fund, Grayscale, the largest digital asset manager, has added Cardano (ADA) to it.
“We are excited to welcome Cardano to our Digital Large Cap Fund’s portfolio as we work to ensure that our diversified Fund can safely hold assets that collectively comprise 70% of the entire digital asset market,” said Edward McGee, Vice President of Finance at Grayscale.
ADA is currently the 4th largest cryptocurrency with a market cap of $45.5 billion. Trading at $1.43, ADA’s price is up more than 11% in the past week but down 42% from its all-time high of $2.45 in mid-May.
In the meantime, the daily average volume of Grayscale Bitcoin Trust (GBTC) has dropped by 34.6% to $274 million, down 64.8% YTD. GBTC shares are currently trading at $28.58.
GBTC, which has $21.57 billion assets under management, is currently fast approaching the end of its 6-month unlocks that has its discount shrinking to 8.84%, which went as much as 21.23% high in mid-May.