Cardano rises in worlds biggest crypto fund as investors bet big on ADA

• According to a recent press release, Cardano (ADA) now holds a strong position in Grayscale’s Smart Contract Platform Fund. 
• Cardano (ADA) is right behind Ethereum (ETH) in the Digital Large Cap Fund’s Fund Components basket.

Leading digital currency asset manager Grayscale Investments has recently announced the rebalancing of funds for the first quarter of 2023. As highlighted, the presence of Cardano (ADA) has been strengthened in Grayscale’s Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund).

Per the press release, there were no changes made to the Digital Large Cap Fund. As of April 5th, the five digital assets made up the total number of assets in the fund. Notably, Cardano’s position on the fund component weightings is significantly high.

According to the weightings, Cardano sits at 28.13%, which marks a mild surge in comparison to the last quarter. Additionally, Grayscale Digital Large Cap Fund recorded a drop in shares between the last quarter of 2022 and the first quarter of 2023. Particularly, going from the 1.86% level in the fourth quarter of 2022, and reducing to 1.69% in the first quarter of 2023.

Cardano (ADA) holds the third position as one of the components of the Digital Large Cap Fund’s Fund

Targeting investors looking to explore the larger smart contract platform outside of the Ethereum ecosystem, the Grayscale’s GSCPxE Fund is flashing the lights on the relevance of Cardano, and its many use cases in the smart contact community. The press release noted:

No new tokens were added or removed from the Digital Large Cap Fund. At the end of the day on April 5, 2023, the Digital Large Cap Fund’s Fund Components were a basket of the following assets and weightings : Bitcoin (BTC), 67.22%, Ethereum (ETH), 28.82%, Cardano (ADA), 1.69%, Polygon (MATIC), 1.28% and Solana (SOL), 0.99%.

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Future mode, Grayscale notes that it has adjusted its DeFi Fund’s portfolio to fit the CoinDesk DeFi Select Index method. The DeFi Fund provides a secure structure to gain exposure to decentralized finance. The Funds share are part of the first securities that were solely invested. It also derives value from a pool of decentralized finance. This is in form of security, while also evading the challenges that come with buying, storing, and safeguarding DeFi directly. The press release added:

In accordance with the CoinDesk DeFi Select Index methodology, Grayscale has adjusted the DeFi Fund’s portfolio by selling certain amounts of the existing Fund Components in proportion to their respective weightings. As a result of the rebalancing, Compound (COMP) has been removed from the CoinDesk DeFi Select Index and DeFi Fund. No tokens were added to the DeFi Fund.”

As of April 5th, the DeFi Fund’s Fund Components was a basket of assets and weightings that included Uniswap (UNI), 59.61%, Aave (AAVE), 13.92% MakerDAO (MKR), 8.44%, Synthetix (SNX), 8.61%, and Curve DAO Token (CRV), 9.42%.

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