Grayscale Investments recently announced that it had adjusted its Grayscale Digital Large Cap Fund OTCQX: GDLC to include Cardano as the third largest holding.
The fund's portfolio was modified to reflect the increasing demand for crypto investments. It sold existing components for fiat currency and reinvested it in Charles Hoskinson’s ADA token.
Each share of the GDLC Basket is composed of 67.47% Bitcoin, 25.39% Ethereum(ETH), 4.26% Cardano, and the rest of 2.88% is a mixture of Bitcoin Cash (BCH), Litecoins (LTC) and Chainlink (LINK).
Grayscale used a similar strategy to sell off components in order to include LINK on April 6, 2021. LINK currently accounts for 0.86%. ADA is currently the third Ethereum-based token in the Bitcoin-dominated GDLC Basket. This indicates a growing interest in the Ethereum ecosystem.
The market value of ADA soared within days of the announcement. It has climbed to $1.45 from $1.33 in just three days, a jump of 9.02%.
Cardano's price rise can also be attributed to the launch its first Alonzo smart contracts testnet on mai 27. This effort resulted in nearly $31 billion worth ADA being stacked across 2,665 pool to provide passive income for investors.