Grayscale Investments has added two new assets to its large-cap crypto fund for the first time on Friday. The addition of rapidly growing Solana [SOL] and prominent decentralized finance token Uniswap [UNI] was part of a quarterly rebalancing, as noted by the investment firm.
As per the statement,
“This announcement follows the July 2021 news that Grayscale adjusted the Digital Large Cap Fund’s portfolio and purchased Cardano (ADA), and (this) is the first time Solana (SOL) will be included in a Grayscale investment vehicle.”
Solana displayed massive growth over time and it was no shocker that investors have been seeing value in the digital asset. Moreover, Grayscale has been expanding its large-cap crypto fund by adding the coins witnessing massive demand. Currently, Solana was returning 8,222% to the investors year-to-date and climbed to the seventh position on CoinMarketCap due to its expanding market capitalization of $47.54 billion. Over the past day, SOL’s price has witnessed a 12% push, meanwhile, in seven days the asset was still up by 11%.
Grayscale was not the only asset manager that noted the potential of Solana. Recently, rival Osprey Funds launched a Solana trust product for private placement. The product will offer investors exposure to SOL and was currently available to accredited investors for a subscription with a $10,000 investment.
Whereas the addition of the decentralized exchange Uniswap was also due to high demand. The transaction volumes for the digital token surged to 500% last week and currently accounted for 1.06% of the Digital Large Cap Fund. Meanwhile, Solana made up 3.24%.
After the rebalancing, the fund components included other assets like the largest asset Bitcoin [62.19%], Ethereum [26.08%], Cardano [5.11%], Chainlink [0.82%], Litecoin [0.77%], and Bitcoin Cash [0.73%].
Meanwhile, as part of the DeFi Fund, Uniswap was the asset most invested in, at 45.20% of the fund. Followed by Aave [14.11%], MakerDAO [7.84%], SushiSwap [7.18%], Compound [6.773%], Synthetix [6.29%], Yearn Finance [3.92%], Curve [3.35%], Bancor Network Token [3.04%], and UMA protocol [2.16%].
The amount of Fund components represented by shares of each fund gradually decreases over time, as Grayscale uses the Fund components to pay for ongoing expenses.