Grayscale gives priority to Bitcoin and Ethereum

The largest crypto-asset management firm in the world, Grayscale, has revealed that it has shifted its portfolio towards Bitcoin and Ethereum at the cost of XRP, LTC and BCH.

Grayscale gives priority to Bitcoin and Ethereum

Of all the cryptocurrencies, XRP recorded the largest decline, down 1.4%, with XRP now accounting for 3.6% of the fund. Bitcoin Cash lost 0.8% and Litecoin 0.6%. As can be seen below, these two cryptocurrencies represent 3.2% of the DLC.

According to Grayscale, the DLC is a passive fund based on strategic rules. Customers of the active crypto asset management company can use it to gain exposure to 70% of the crypto market segment. For this purpose, the DLC fund is composed of the 5 cryptocurrencies mentioned above. As announced via Twitter, Grayscale has decided not to add any new crypto assets after its last quarterly valuation.

As a result, Grayscale adjusted and increased its holdings of Bitcoin by 0.5% between March 31 and June 30, 2020, so that they now represent 81.5% of the DLC Fund. Regarding Ethereum, Grayscale increased its holdings by 2.1% and its share in the fund by 11.7%. The other cryptocurrencies saw their percentages fall.

Grayscale announced that its next quarterly evaluation will occur in September 2020. By that time it may adjust the DLC Fund again. The crypto asset management firm has $33 million in net assets under management (AUM) located in its Grayscale Digital Large Cap Fund.

Grayscale revealed that it has $4.1 billion in its total assets under management (AUM). Of the products offered by the crypto asset management firm, the Grayscale Bitcoin Trust (GBTC) remains the largest with $3,551.7 million. The Grayscale Ethereum Trust has a total of $410 million and, although smaller than the BTC-based fund, handles a larger amount than all the other products offered.

Author : Reynaldo