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Grayscale Adds Cardano to Its Digital Large Cap Fund

The digital-asset manager sold some existing constituents of the fund and used the proceeds to purchase ADA.

Jul 2, 2021 at 1:27 p.m. UTC
Updated Sep 14, 2021 at 1:20 p.m. UTC

Grayscale Investments added ADA, the native token of the Cardano blockchain, to its Digital Large Cap Fund.

  • The digital-asset manager has sold some existing constituents of the fund and used the proceeds to purchase ADA, an announcement Friday said.
  • The addition comes as part of Grayscale's quarterly rebalancing of the fund. In April, Grayscale added Chainlink's LINK token.
  • Cardano is a proof-of-stake blockchain that aims to surpass the scalability and efficiency of Ethereum.
  • ADA has risen more than 600% year to date, and is sitting at $1.36, up 1.81% in the last 24 hours at press time.
  • Grayscale is owned by Digital Currency Group, the parent company of CoinDesk.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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