Grayscale Investments adds Cardano to its portfolio
Large asset manager Grayscale Investments last week announced that I had included Cardano to its digital large cup fund (GDLC).
The majority of Grayscale’s crypto investments remains in Bitcoin and Ethereum with respectively 67% and 25% of the fund allocated. Cardano nonetheless comes in thirs for the fund with a 4.26% share. Grayscale also holds other cryptocurrencies but in much smaller numbers; Bitcoin Cash, Litecoin and Chainlink make up 1.03%, 0.99% and 0.86% respectively.
GLDC’s fund is not accepting new investors as the private placements remain closed. Grayscale said that as a means to purchase Cardano, it would sell existing fund components in proportion to their respective fund weightings.
Vice President of Finance at Grayscale, Edward McGee, 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.”
Cardano is a proof-of-stake smart contract platform and is lead by Charles Hoskinson, who is also one of the co-founders of Ethereum. Although Cardano does not yet have a working product and are still rolling out their latest upgrades which should lead to smart contracts being possible by September, it is the 5th largest cryptocurrency by market capitalization, according to CoinMarketCap data. Critics often wonder what constitutes to this. Is it future value and speculation or is it just good PR?
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Author: Peter Siu