Grayscale Investments, the firm behind the world’s top Bitcoin (CRYPTO: BTC) fund Grayscale Bitcoin Trust (OTC:GBTC) — added Cardano (CRYPTO: ADA) to its large cap cryptocurrency fund Grayscale Digital Large Cap Fund (OTC:GDLC).
What Happened: According to a Friday announcement, the updated Fund Component weightings for the Grayscale Digital Large Cap Fund was adjusted by selling certain amounts of the existing components and spending the proceeds on Cardano.
At the end of the day on July 1, 4.26% of the fund’s total assets became Cardano, alongside 67.47% of Bitcoin, 25.39% for Ethereum (CRYPTO: ETH), 1.03% in Bitcoin Cash (CRYPTO: BCH), 0.99% in Litecoin (CRYPTO: LTC), and 0.86% Chainlink (CRYPTO: LINK).
“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,” according to the announcement.
Price Action: According to CoinMarketCap data, as of press time, Cardano’s price increased by 1.7% over the last 24 hours to its current price of $1.36.