Grayscale’s desire for diversification has led it to embrace Cardano (ADA) wholeheartedly. The top-flight digital asset manager has announced that ADA is its third-largest holding behind Bitcoin and Ethereum. It appears the popularity and the fine performance of ADA this past few months inspired the purchase.
The bold step from the asset manager was supposedly born out of strong conviction over the future of the digital asset. Grayscale announced the stake on its official Twitter handle, saying it adjusted its portfolio to include the asset.
The adjustment was achieved by the selling of certain amounts of assets already in possession judging from their specific weightings. The firm further included a table that depicted the current hold of the assets under its management.
In the table, ADA can be seen holding a comfortable spot at 4.26 percent above Litecoin and Chainlink with 0.99 and 0.86 respectively. Bitcoin and Ethereum are the most valued on the table. Bitcoin alone holds more than half the entire allocation at 67.47 percent and Ethereum at 25.23 percent.
Cardano’s Consistent Development
Cardano isn’t relaxing, the blockchain is putting a lot of effort into its development to be considered a leading cryptocurrency. The green network released the details of what it has been up to so far.
According to the update, it is gearing up to launch its DAEDALUS Flight 4.2.0-FC1 which would improve ADA’s functionality and enable the export of multi-signature public keys in wallets. Aside from this, the development team is also working on its coin selection algorithm to encourage the minting and burning of tokens.
Cardano is also working hard to ensure it deepens its decentralization as it desires to be a favorite blockchain. ADA’s mainnet would be launched later this year and investors are ready for it.