Grayscale Fund Adds Solana And Uniswap, Increases Cardano Stake
Grayscale Fund adds two top 20 crypto projects to its Digital Large Cap Fund.
Covered:
- Grayscale Adds Two Top Crypto Projects
- Uniswap And Solana
- Cardano Stake Increase
Grayscale Adds Two Top Crypto Projects
Today, we announced the quarterly rebalancing of funds for both Grayscale Digital Large Cap Fund and Grayscale #DeFi Fund. What does this mean? Read this thread for more. ?? (1/4)
— Grayscale (@Grayscale) October 2, 2021
New York-based Grayscale Investments announced late last night that they have performed their quarterly rebalance, this time adding Solana (ticker symbol: SOL) and Uniswap (ticker symbol: UNI) to its Digital Large Cap Fund.
According to their release, “Grayscale has adjusted the Digital Large Cap Fund’s portfolio by selling certain amounts of the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase Solana (SOL) and Uniswap (UNI).”
The fund attracts plenty of institutional investors including Morgan Stanley and JP Morgan Chase.
Recently Grayscale CEO Michael Sonnenshein made the case for retail investors to learn about the tech behind crypto. “Many investors, I think, first have to understand the underlying technology, as well as the use cases around various digital currencies to decide what may make sense for them,” Sonnenshein said.
Uniswap And Solana
Solana 30-day chart. Credit: CoinGecko.com
Adding Solana comes as no surprise. The surging Ethereum killer founds its way into the NFT market, and now features several popular projects, most notably the degenerate ape academy. And despite the September market dip, Solana is still up over 55%. Currently, SOL is trading at $167.
Recommended: Solana Keeps Smashing Through All-Time Highs
Uniswap 30-Day Chart. Credit: CoinGecko.com
Uniswap, the other top 20 project Grayscale added to its fund, has struggled of late. UNI is down 14% the last month. However, it is still by far the largest DeFi project going. Its closest competitor, PancakeSwap, is currently 38th in terms of market cap.
Uniswap is currently trading in the $26 USD range.
Grayscale Fund Increases Cardano Stake
Last quarter, Grayscale’s rebalancing included Cardano. At the time Cardano was only 4.26% of its portfolio. With the latest rebelancing, the Charles Hoskinson-led project is now 5.11%, up almost 1%. This despite that its biggest price catalyst is no longer driving the price.
Recommended: Smart Contracts Coming To Cardano In 90 Days
At the time, adding Cardano was viewed as in preparation for a big move from Cardano before the proof-of-stake project completed smart contracts. ADA sat at $1.38 USD the day of the Grayscale announcement, and rose as high $3.10.
ADA is now trading in the $2.27 range.
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Text source: CryptosRus
