Grayscale Makes Cardano (ADA) its Third-Largest Holding
Grayscale stated that Cardano (ADA) has been added to its large cap fund. Following bitcoin and ethereum, ADA has now become the fund’s third-largest position.
The company’s current ADA exposure is 4.26 percent. Bitcoin has a market capitalization of 67.47 percent, while ethereum has a market capitalization of 25.39 percent. With 1.03 percent, bitcoin cash is in fourth place.
Grayscale reacted on the integration of ADA in a Twitter announcement, saying, “Welcome aboard, Cardano. We have adjusted the portfolio of Grayscale Digital Large Cap Fund to now include ADA.” The fund’s decision to add the fifth-largest cryptocurrency by market value is related to the fund’s mission, “passive, rules-based strategy that seeks to provide exposure to 70% of the digital asset market.”
The addition of Cardano came just weeks after the fund updated its “assets under consideration” list. The list included 18 more assets, bringing the total number of projects that could be added to the investment fund to 31. The price of ADA rose roughly 6.50 percent to $1.38 after the announcement on Twitter. ADA is currently the best-performing stock in the top ten, with a price of $1.36, up 4.5 percent on the day. The announcement drew a lot of attention on Binance, as buyers hurried to buy it.