Grayscale Investments, which manages several cryptocurrency funds, announced that it will change the composition of the popular Digital Large Cap Fun (GDLC) trust to include the Cardano Coin (ADA).
The GDLC Foundation was launched at the end of 2019. Initially, it consisted of five cryptocurrencies: BTC, ETH, XRP, BCH, and LTC. However, XRP was subsequently replaced by LINK. ADA will now be part of the GDLC.
Interestingly, ADA will have the highest stake in the fund, with the exception of of course BTC and ETH. If 67% of the trust funds are invested in the first cryptocurrency, and 25% in ETH, then 4.26% of the funds will be invested in ADA. The remaining money will go to BCH, LTC and LINK in the proportions of 1.03%, 0.99% and 0.86%, respectively.
Now GDLC manages $ 349 million. It is reported that cryptocurrencies will be sold from the fund in appropriate proportions to invest in Cardano. Grayscale VP of Finance Edward McGee said:
“We are delighted to welcome Cardano to the Digital Large Cap Fund portfolio, as we are constantly working to distribute the fund’s funds into cryptocurrencies, the total capitalization of which is 70% of the market. Digital currencies offer a unique opportunity for diversification and we are proud of our mission to provide access to the largest digital assets through familiar and reliable investment products. ”
Earlier, Grayscale representatives spoke about their readiness to transform the GBTC fund into a tradable exchange-traded fund (ETF) for bitcoin after the approval of the corresponding step by the US Securities and Exchange Commission (SEC).
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