Grayscale Bought Cardano, ADA Becomes Fund’s Third-Biggest Holding

Grayscale bought Cardano according to the announcement which made ADA the third-biggest holding in the large-cap crypto fund as we can see more in our latest Cardano ADA news.

Grayscale bought Cardano as the leading digital asset management fund, revealing that it even rebalanced its portfolio in a way where ADA becomes the third-biggest holding in the fund. According to the announcement from earlier today, Grayscale, the leading digital asset manager adjusted the portfolio of the capped fund by selling certain amounts of the existing Fund components in proportion to their respective weightings and using the cash proceeds to buy ADA. ADA is now the third-biggest holding after BTC and Ethereum and accounts for 4.26% of the total portfolio.

Speaking on the matter was Edward McGee who is Vice President of Finance at Grayscale who said:

“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. Digital currencies represent a unique opportunity for investors to diversify their portfolios, and at Grayscale, we are proud to provide our investors with access to leading digital currencies through regulated, familiar product offerings.”

The company registered trusts for new cryptocurrencies like Cardano and it seems that they are moving on to capitalize on the altcoin that surged in both price and popularity in 2021.

As recently reported here on DCForecasts, Charles Hoskinson talked about crypto and why he thinks Ethereum is poised to overtake BTC in the near future. He started out by talking about the speed of BTC transactions and pointed to the sluggish character of the network and how slow it is compared to other proof of stake networks. Focusing on ETH, in particular, he said that the coin outperformed BTC in many ways as ETH gained popularity over the years as digital currencies became popular. It is now the second biggest coin behind BTC with lots of investors pouring their money into it. Believing that the coin is set to be greater than Bitcoin, the Cardano founder predicts that that could happen in the near future.

Source: https://www.dcforecasts.com/cardano-news/grayscale-bought-cardano-ada-becomes-funds-third-biggest-holding/