Grayscale added uniswap and Solana to its latest $ 495 million hedge fund to run its large-cap digital fund in its most recent quarterly rebalance as we read more crypto news.
The award marks the first time the company has included Solana in the investment vehicle. At the end of the day, Solana was 3.24% of the Digital Large Cap Fund and UNI was another 1.06%. BTC dominates the funds with a share of 62% and Ethereum is the second largest coin with 26%. Chainlink, Liteocin, Cardano and Bitcoin Cash make up the rest. The fund bought Solana and Uniswap by selling some of the fund’s assets, and Grayscale has reduced its BTC allocation by about 5% since the last rebalancing. Some of the other holdings changed through smaller accounts, and the fund’s ADA holdings were only introduced in the last quarter, increasing from 4.26% to 5.11%.
Grayscale added Uniswap and Solana to its fund and the rebalancing has shown how Solana has become a market favorite.
The Solana blockchain acts as a fast and inexpensive competitor to blockchains like Ethereum and as a competitor to Cardano, Binance Smart Chain and Polkadot. The price of Solana has risen with popularity and the coin began to rise over the course of the summer, peaking at $ 191 in mid-September before falling to its current price of $ 161.
Solana has been falling since its peak, but it retains a market cap of $ 48 billion and the market cap of Solana-based NFTS at $ 1 billion. The rebalancing shows how the dominance of Bitcoin Altcoins has given way. Bitcoin makes up 79% of the fund’s BTC, and the total fund has allocated about 17% to ETH. BTC dominance by market capitalization has dropped from 69% to 42% today. Grayscale’s largest product remains BTC Trusts as it manages $ 30 billion and tops $ 495 million in the larger Cap Fund. Grayscale’s ETH product is the second largest and the fund manages $ 9.9 billion, which is a great way for institutional investors to invest in BTC instantly and hire someone else to hold the rights.
As recently reported, Grayscale acquired Cardano as a leading digital asset manager, revealing that it even rebalanced its portfolio to make ADA a third-largest fund in the fund. According to an announcement today, Grayscale, a leading digital asset manager, has adjusted the limited fund’s portfolio by selling a number of existing fund components by weight and using the proceeds to purchase ADA. ADA is currently the third largest holding after BTC and Ethereum and represents 4.26% of the total portfolio.
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