Grayscale Removes 5 Cryptocurrencies From Its Fund

As the second quarter ended, Grayscale had to make some adjustments to some of its Trusts, including the Larger Cap one.

Grayscale, which recently focused primarily on turning its flagship GBTC into a spot Bitcoin ETF, has removed five altcoins from its Digital Large Cap Fund. The assets in question are Bitcoin Cash, Chainlink, Litecoin, Polkadot, and Uniswap.

Announced on July 8, the largest digital asset manager has sold “certain amounts of the existing Fund Components in proportion to their respective weightings.” As a result, Grayscale has removed BCH, LINK, LTC, DOT, and UNI from the Digital Large Cap Fund and will not add any replacements.

Bitcoin continues to have the largest market share in the aforementioned fund with 68.88%, followed by Ethereum (25.22%), Cardano (2.71%), Solana (2.23%), and Avalanche (0.96%).

Grayscale has also removed Yearn Finance (YFI) from its DeFi Fund and will not be replacing it with another asset. Uniswap (56.35%) has a clear lead in this product, followed by MakerDAO (13.49%), Aave (12.44%), Curve DAO Token (7.48%), Amp (5.52%), and Compound (4.72%).

Finally, the asset manager removed Stellar Lumens from the Smart Contract Platform Select Ex ETH Index, where Cardano, Solana, and Polkadot have the largest stakes. These changes come at an intriguing time for Grayscale, which has seen its AUM drop significantly this year.

The company has been primarily focused on converting its Bitcoin Trust into a spot Bitcoin ETF in the United States, which has had little success. The SEC rejected Grayscale’s latest application, which prompted the asset manager to pursue legal action against the securities watchdog.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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