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Cardano Added to Grayscale Investments’ Digital Large Cap Fund

Cardano Added to Grayscale Investments' Digital Large Cap Fund

Grayscale Investments has included Cardano and its cryptocurrency ADA in its Digital Large Cap Fund. The United States-based cryptocurrency asset management company confirmed this news through an official announcement released last Friday, July 2.

We feel delighted about this news involving Cardano and ADA. We believe that Cardano’s inclusion in Grayscale Investments’ Digital Large Cap Fund makes it among the rising cryptocurrencies and can certainly benefit investors in the long run.

Grayscale Investments’ Digital Large Cap Fund aims to hold digital assets with large market capitalizations that collectively comprise 70 percent of the whole virtual asset market. Additionally, the Fund permits investors to implement tactical and strategic asset allocations that incorporate digital assets more effectively by utilizing the Fund’s shares.

Cardano is now included in Grayscale Investments’ Digital Large Cap Fund, based on the July 5, 2021 report posted online by Finance Magnates, a global business-to-business provider of multi-asset and electronic trading news, banking and investing news, industry research, and international events.

Grayscale Investments cited that it has adjusted its Digital Large Cap Fund’s portfolio, per its official press release. The cryptocurrency firm has reportedly performed this measure and added Cardano to the Fund by selling the existing Fund components’ certain amounts in proportion to their respective weightings and utilizing the cash proceeds to buy ADA.

Since the beginning of this year, Cardano has been one of the top-performing virtual currency assets. It has a significant gain of over 700 percent.

Furthermore, the proof-of-stake blockchain platform founded by Ethereum co-founder Charles Hoskinson has its ADA presently being the fifth most valuable virtual currency, with a market capitalization of more than US$45 billion. Cardano’s ADA trades at US$1.42 at the time of writing, per the trading price information posted on Coinmarketcap.com.

In the past week, the cryptocurrency has gained almost 10 percent. Edward McGee said that cryptocurrencies represent a unique chance for investors to diversify their investment portfolios.

Grayscale Investments’ Vice President of Finance remarked that they at Grayscale are proud to offer their investors access to major virtual currencies via familiar and regulated product offerings. McGee cited that they are thrilled to welcome Cardano to their Digital Large Cap Fund’s portfolio.

He also relayed that they are performing this activity while ensuring that Grayscale Investments’ diversified Fund can safely hold assets that collectively include 70 percent of the entire virtual asset market. We are happy for Cardano’s inclusion in Grayscale Investments’ Digital Large Cap Fund.

This momentous event is surely an important one, considering that Grayscale Investments’ cryptocurrency holdings feature US$29.8 billion worth of virtual currency assets under management, per the latest published company data.

Moreover, we gathered that the cryptocurrency company, which manages cryptocurrency investment funds, now has over US$21 billion worth of Bitcoin assets under management. Grayscale Investments confirmed that its Digital Large Cap Fund Components is a basket of 67.47 percent Bitcoin, 25.39 percent Ethereum, and 4.26 percent Cardano.

Additionally, the Fund has 1.03 percent Bitcoin Cash, 0.99 percent Litecoin, and 0.86 percent Chainlink, as of the end of the day on July 1, 2021. We find this composition of Grayscale Investments’ Digital Large Cap Fund as offering investors diversified exposure to digital assets with large market capitalization, and it is certainly welcoming news.

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