In a recent development, Grayscale Investments announced an adjustment to its Grayscale Digital Large Cap Fund (OTCQX: GDLC) to include Cardano (ADA) as the third-largest holding.
Reflecting the growing demand for crypto investments, the fund’s portfolio was adjusted by selling existing components for fiat currency and reinvesting it in Charles Hoskinson’s ADA token.
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As of July 1, 2021, each share of the GDLC basket is comprised of 67.47% Bitcoin (BTC), 25.39% Ethereum (ETH), 4.26% Cardano and the remaining 2.88% is a mix of Bitcoin Cash (BCH), Litecoin (LTC), and Chainlink (LINK).
Back in April 06, 2021, Grayscale had pulled off a similar strategy of selling off existing components to include LINK, which currently comprises 0.86% of the portfolio. In the Bitcoin-dominated GDLC basket, ADA currently stands as the third Ethereum-based token after ETH and LINK, signaling a rising interest in the Ethereum ecosystem.
Related: $30B ADA now staked as Alonzo smart contract excitement builds
Soon after the announcement, the market value of ADA shot up and has been on the climb to $1.45 from $1.33, a spike of 9.02% in three days.
Cardano’s price hike can also be attributed to the launch of its first Alonzo smart contract testnet on May 27. In this effort, nearly $31 billion worth of ADA have been stacked across 2,665 pools to allow passive income for investors.
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