US Grayscale adds Uniswap, Solana to $494M Digital Large Cap Fund
Popular digital asset currency manager Grayscale Investments has added Solana (SOL) and Uniswap (UNI) tokens to its ‘Digital Large Cap Fund’, the firm announced on Friday.
As of October 1, the fund was worth over $494 million. It offers exposure to approximately 70% of the crypto market to investors foregoing the need to hold cryptocurrencies directly.
Now, Uniswap and Solana have joined the top currencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Cardano in the fund. As per the company’s announcement, Grayscale adjusted the fund’s portfolio “by selling certain amounts of the existing components in proportion to their respective weightings and used the cash proceeds to purchase Solana and Uniswap.”
In a conversation with crypto news media Blockworks, Craig Salm, Grayscale’s head of legal, said:
“We will sell the existing fund components in proportion to their weightings and then [put in] Solana and Uniswap. The fund is really a great way for our investors who don’t want to make a targeted bet on bitcoin, Ethereum or another digital asset; they just really want broad market exposure.”
Currently, Solana is the fourth largest cryptocurrency in the world as per its recent growth in market capitalization. At the time of writing, SOL was trading at $166.34, down by 3.32% in 24 hours.
Solana and Uniswap have a current holding of 3% and 1% in the fund. Bitcoin and Ethereum have the largest amount of the fund’s holdings, weighing at 62.19% and 26.08%, respectively.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
