đ„ Charles Hoskinson Reacts to Grayscale Removing ADA from GDLC
In response to Grayscale Investmentsâ announcement regarding adjustments to its cryptocurrency portfolios, Charles Hoskinson, the founder of Cardano, shared his opinion on the decision to remove Cardano (ADA) from the GrayscaleÂź Digital Large Cap Fund (GDLC).
Grayscale, the worldâs largest crypto asset manager, conducted a comprehensive review in accordance with the CoinDesk Large Cap Select Index methodology, leading to the rebalancing of GDLC and the removal of ADA.
Hoskinsonâs reaction, âWall Street gives; Wall Street take,â puts lights on the uncertain nature of investment strategies and the fluctuations within the cryptocurrency market. His comment shows the nature of the cryptocurrency and digital asset environment and how it is controlled by Wall Street sometimes.
Effective from April 3, 2024, the revised portfolio composition of GDLC includes Bitcoin (BTC) at 70.96%, Ethereum (ETH) at 21.84%, Solana (SOL) at 4.52%, XRP at 1.73%, and Avalanche (AVAX) at 0.95%.
Meanwhile, Grayscaleâs other funds, such as the Grayscale DeFi Fund (DEFG) and the GrayscaleÂź Smart Contract Platform Ex-Ethereum Fund (GSCPxE), have also been readjusted according to their respective index methodologies.
Grayscale has made strategic adjustments to maintain diversified portfolios and optimize fund performance in line with market trends. However, the company has received some comments from the media regarding the lack of updates on its Bitcoin holdings. The latest update from April 1 shared by Lookonchain the on-chain analytics firm, highlights this issue.
Disclaimer: The information presented in this article is for informational and educational purposes only.
