Leading institutional investor Grayscale has added Solana (SOL) and UniSwap (UNI) to its premier product offering – The Grayscale Digital Large Cap Fund.
The two assets were included following the quarterly rebalancing of two of Grayscale’s leading investment products – the Digital Large Cap Fund and the DeFi Fund. Following the move, funds are reviewed and then reweighted based on ‘quarterly reviews’.
To include Solana and UniSwap, Grayscale adjusted the weightings of assets in the fund by selling ‘certain amounts’ of the fund and then using the cash proceeds to purchase Solana (SOL) and Uniswap (UNI).
We just announced the updated fund component weightings for Grayscale Digital Large Cap Fund, which now includes #Solana ($SOL) and #Uniswap ($UNI). This is the first time SOL will be included in a Grayscale investment vehicle. Read this thread for more. (1/5)
— Grayscale (@Grayscale) October 1, 2021
The assets’ weighting in the fund is now 3.24% (SOL) and 1.06% (UNI). The leading assets of the fund include the top three in the crypto industry – 62.19% Bitcoin (BTC), 26.08% Ethereum (ETH) and 5.11% Cardano (ADA) – with the remainder of the fund including Chainlink, Litecoin and Bitcoin Cash.
Solana’s addition to the Digital Large Cap Fund is the first time it has been included in a Grayscale investment vehicle and is a testament to the asset’s recent market performance and adoption in the industry.
It has become the leading “ETH-killer” asset and has proven extremely popular with DeFi and NFT users looking for a cheaper, faster solution to Ethereum.
UniSwap is already an integral part of the Grayscale DeFi fund – 45.2% of the DeFi Fund constitutes of UniSwap, with the remainder including leading DeFi assets including Aave, SushiSwap and Compound.
GrayScale now holds an incredible $41.5b in assets under management (AUM), which places it in the upper tiers of institutional digital asset investors.
10/01/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $41.5 billion$BTC $BAT $BCH $LINK $MANA $ETH $ETC $FIL $ZEN $LTC $LPT $XLM $ZEC $UNI $AAVE $COMP $CRV $MKR $SUSHI $SNX $YFI $UMA $BNT $ADA $SOL pic.twitter.com/rMYkfDHiFQ
— Grayscale (@Grayscale) October 1, 2021
Its recent AUM update reveals that Grayscale now holds $30b in Bitcoin and $9.8b in Ethereum trusts while also having weightings in the Large Cap Fund.
Based on the current value of the Large Cap Fund at $494.6m, Grayscale purchased approximately $16m worth of Solana to bolster its premier fund.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.