Grayscale drops Cardano (ADA) from its digital large cap fund
Grayscale has removed Cardano (ADA) from its Digital Large Cap Fund following a quarterly rebalancing.
The asset manager also removed Cosmos (ATOM) from its smart contracts fund.
Crypto asset manager Grayscale provides quarterly updates for its multi-asset funds Grayscale Digital Large Cap Fund, Grayscale DeFi Fund, and the Grayscale Smart Contract Platform Ex-Ethereum Fund.
In its latest report, the GBTC issuer said it adjusted the GDLC’s portfolio to remove Cardano (ADA).
The company noted that cash proceeds from ADA were used to purchase other assets in the fund “in proportion to their respective weightings.”
After these changes, the GDLC now holds 70.96% Bitcoin (BTC), 21.84% Ethereum (ETH), 4.52% Solana (SOL), 1.73% XRP and 0.95% Avalanche (AVAX).
Grayscale also rebalanced its smart contract platform fund after dropping Cosmos (ATOM). Notably, Cardano remains part of this fund.
According to details shared in a press release, the fund now holds 58.41% Solana (SOL), 14.56% Cardano (ADA), 12.25% Avalanche (AVAX), 8.53% Polkadot (DOT), and 6.25% Polygon (MATIC).
Meanwhile, Grayscale’s DeFi Fund remained unchanged with Uniswap (UNI) accounting for 48.74%, MakerDAO (MKR) 20.41%, Lido (LDO) 13.17%, Aave (AAVE) 9.99% and Synthetix (SNX) 7.69%.
ADA price outlook
Cardano’s current price of $0.57 is down more than 81% since the cryptocurrency reached a high of $3.09 amid a stellar 2021 bull market performance.
This cycle, ADA has struggled to break to $1. The token reached highs of $0.78 in mid-March as top coin Bitcoin raced to a new all-time high above $73k. Ethereum also broke above $4,000 to come close to its previous bull market peak.
ADA’s struggles have pushed its market cap from highs of $95 billion in September 2021 to around $20 billion.
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