Grayscale Investments, the world’s largest digital currency asset manager, announced the rebalancing of its funds in the first quarter of 2023
Grayscale Investments, the world’s largest digital currency asset manager, announcement the rebalancing of its funds in the first quarter of 2023 today, revealing a strengthened presence for Cardano (ADA) in its Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund).
Updated fund component weightings put Cardano at 28.13%, a slight increase from the prior quarter. Grayscale’s GSCPxE fund offers investors exposure to smart contract platforms beyond Ethereum, underscoring Cardano’s growing importance in the growing smart contract ecosystem.
However, in the Grayscale Digital Large Cap Fund, Cardano saw a slight decline in its share from 1.86% in Q4 2022 to 1.69% in Q1 2023.
Despite the reduction, the ADA token remains among the top digital assets in the fund’s basket, reflecting its continued importance in the broader cryptocurrency market.
The Grayscale Digital Large Cap Fund basket also includes other major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC) and Solana (SOL).
Cardano’s innovative proof-of-stake consensus mechanism and focus on sustainability, scalability, and security have made it a strong contender in the smart contract platform arena, with many industry experts considering it a potential competitor to Ethereum.