Grayscale added uniswap and Solana to the latest $495 million investment fund do its digital large-cap fund in the latest quarterly rebalancing as we are reading more in our latest cryptocurrency news today.
The allocations mark the first time that the company added Solana to the investment vehicle. At the end of the day, Solana made up 3.24% of the Digital Large Cap Fund and UNI which is another 1.06%. BTC dominates the funds as it makes up to 62% and Ethereum is the next biggest coin that made up 26%. Chainlink, Liteocin, Cardano, and bitcoin Cash are making up the rest. The fund bought Solana and Uniswap by selling some of the assets in the fund and Grayscale decreased its BTC allocation by about 5% since the last rebalancing. Some of the other holdings changed by the smaller accounts and the fund’s ADA holding was only introduced in the last quarter and increased from 4.26% to 5.11%.
Grayscale added Uniswap and Solana to its fund and the rebalancing outlined how Solana became the favorite of the market. The Solana blockchain functions as a high-speed and low-cost competitor to blockchains like Ethereum and a rival to Cardano, Binance Smart Chain, Polkadot. Solana’s price increased alogn with the popularity and the coin started rising in the summer and peaked the $191 in mid-September before falling to the current price of $161.
Solana dipped since its peak but maintains a market cap of $48 billion and the market cap of Solana-based NFTS hit $1 billion. The rebalancing shows how Bitcoin’s dominance gave way to the altcoins. Bitcoin made up to 79% BTC of the fund and the total fund allocated about 17% to ETH. BTC’sdomiannce by market cap decreased from 69% to 42% today. Grayscale’s biggest product remains its BTC trust as it manages $30 billion which is far beyond its $495 million held in the larger Cap Fund. Grayscale’s ETH product is its second-biggest and this fund manages $9.9 billion which are great ways for institutional investors to invest in BTC right away and have someone else handle the custody.
As recently reported, Grayscale bought Cardano as the leading digital asset management fund, revealing that it even rebalanced its portfolio in a way where ADA becomes the third-biggest holding in the fund. According to the announcement from earlier today, Grayscale, the leading digital asset manager adjusted the portfolio of the capped fund by selling certain amounts of the existing Fund components in proportion to their respective weightings and using the cash proceeds to buy ADA. ADA is now the third-biggest holding after BTC and Ethereum and accounts for 4.26% of the total portfolio.