tl;dr
:Prominent U.S.-based crypto asset manager Grayscale has eliminated the $8 billion valued crypto project Polygon (MATIC) from its Digital Large Cap Fund, citing a recent rebalancing of funds. The firm sold specific quantities of the current fund components based on their respective weightings, impac...
Prominent U.S.-based crypto asset manager Grayscale has eliminated the $8 billion valued crypto project Polygon (MATIC) from its Digital Large Cap Fund, citing a recent rebalancing of funds. The firm sold specific quantities of the current fund components based on their respective weightings, impacting MATIC in the sell-off. Grayscale used the cash generated from the sales to acquire new entrants into its Digital Large Cap Fund, including Avalanche (AVAX) and XRP. Additionally, Grayscale highlighted the re-introduction of XRP to its GDLC Fund after a U.S. federal court ruled that XRP is not a security. The firm also disclosed modifying its DeFi Fund portfolio by selling specific quantities of the current fund, including Curve DAO Token (CRV).
In the report, Grayscale noted it modified its GDLC’s portfolio by selling specific quantities of the current fund components based on their respective weightings. Polygon (MATIC) was impacted in the sell-off round as it has been excluded from GDLC. Grayscale’s action likely influenced the market value of MATIC as it is down by over 14% in its seven-day performance. The cash generated from the sales was utilized to acquire new entrants into its Digital Large Cap Fund, including Avalanche (AVAX) and XRP. As a result, GDLC’s Fund Components now include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA), and Avalanche (AVAX). Grayscale also addressed the reintroduction of XRP to its GDLC Fund following a U.S. federal court ruling that XRP is not a security. Furthermore, MATIC was not the only asset Grayscale has sold off to make new acquisitions. It disclosed modifying its DeFi Fund portfolio by selling specific quantities of the current fund like Curve DAO Token (CRV).
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