Crypto investment firm Grayscale today added Cardano (ADA) to its Digital Large Cap Fund. The New York City-based company announced that the altcoin would make up 4.26% of the fund.
Most of Grayscale’s Digital Large Cap Fund is still Bitcoin (67.47%) and Ethereum (25.39%) but the company wanted to add Cardano, the fifth largest cryptocurrency by market cap, to diversify its portfolio, it said.
Grayscale added Chainlink (LINK) to its Digital Large Cap Fund in April. LINK now makes up 0.86% of the fund.
“We are excited to welcome Cardano to our Digital Large Cap Fund’s portfolio as we work to ensure that our diversified Fund can safely hold assets that collectively comprise 70% of the entire digital asset market,” Edward McGee, Vice President of Finance at Grayscale, said in a statement.
Cardano is a blockchain platform that competes with the likes of Ethereum. Cardano’s founder, Charles Hoskinson, also co-founded the Ethereum network. The project calls itself the “
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