Grayscale Boosts Bitcoin (BTC) And Ethereum (ETH)
The crypto market looks really bloody today with the most important coins trading in the red.
Interest in Bitcoin and crypto has been on the rise even in 2020 when we’re in the middle of this global crisis triggered by the pandemic.
Bitcoin continues to be seen as a safe haven, and the number of people interested in the coin continues to surge.
Grayscale boosts BTC and ETH
It’s been revealed that Grayscale Investment increases the weight of Bitcoin and ETH in its digital large-cap fund (DLC) product at the expense of XRP, Bitcoin Cash, and Litecoin (LTC).
Grayscale hopped on Twitter and addressed the new composition of its DLC fund – an investment option product that offers exposure to Bitcoin, Ethereum, XRP, Bitcoin Cash, and Litecoin.
3/ Although no new assets qualified for inclusion following DLC Fund’s Quarterly Review (6/30/20), the below table highlights how DLC Fund’s weightings have changed from March 31, 2020 to June 30, 2020: $BTC $ETH $XRP $BCH $LTC pic.twitter.com/1OyP0JJ4Rb
— Grayscale (@GrayscaleInvest) July 6, 2020
As noted by the online publication the Daily Hodl, Grayscale revealed that “between March 31st to June 30th, it tweaked its DLC holdings and added 0.5% weight in BTC and 2.1% weight in Ethereum.”
Decreasing shares of XRP, LTC and BCH
They continued to note that “Meanwhile, the investment firm decreased the shares of XRP by 1.4%, Bitcoin Cash by 0.8%, and Litecoin by 0.6% over the same period.”
07/10/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@GrayscaleInvest) July 10, 2020
The same online publication noted that the influx of investment capital in Grayscale’s crypto products in the first six months of 2020 significantly outweighs all the investments from 2013 – 2019 combined.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.