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Grayscale Adds Cardano to Its Digital Large Cap Fund
The digital-asset manager sold some existing constituents of the fund and used the proceeds to purchase ADA.
Updated Sep 14, 2021, 1:20 p.m. Published Jul 2, 2021, 1:27 p.m.
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Grayscale Investments added ADA, the native token of the Cardano blockchain, to its Digital Large Cap Fund.
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- The digital-asset manager has sold some existing constituents of the fund and used the proceeds to purchase ADA, an announcement Friday said.
- The addition comes as part of Grayscale's quarterly rebalancing of the fund. In April, Grayscale added Chainlink's LINK token.
- Cardano is a proof-of-stake blockchain that aims to surpass the scalability and efficiency of Ethereum.
- ADA has risen more than 600% year to date, and is sitting at $1.36, up 1.81% in the last 24 hours at press time.
- Grayscale is owned by Digital Currency Group, the parent company of CoinDesk.
Read more: Swiss Asset Manager Valour Launches Cardano and Polkadot ETPs
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