Grayscale Invesments rebalanced the Digital Large-Cap fund, which includes cryptocurrencies with a large market capitalization. The shares of BTC and ETH are increased due to XRP, BCH and LTC.
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
On Twitter, the investment company reported that the share of bitcoin in the fund increased by 0.5% and now amounts to 81.5%. The share of ether increased by 2.1% and now it occupies 11.7% of the fund. The shares of XRP, BCH and LTC decreased by 1.4%, 0.8% and 0.6%, respectively. Now they occupy 3.6%, 2% and 1.2% in the fund, respectively.
The fund is rebalanced quarterly and is based on changes in the share of cryptocurrencies in the market. At the same time, of the cryptocurrencies represented in the fund, only Ethereum increased its dominance from 8.17% to 9.8%. For other coins, the indicator decreased, including Bitcoin – from 65.78% to 62.46%, but this did not prevent the company from increasing the share of BTC by 0.5%.
The capitalization of the Digital Large-Cap Fund is relatively small – only $ 33 million. For comparison, the oldest Grayscale Bitcoin Trust (GBTC) costs $ 3.55 billion. The Ethereum Trust, in which $ 410 million was invested, is also quite popular. The total amount of assets in cryptocurrencies managed by Grayscale Investments is $ 4.1 billion.
At the end of June, analyst Kevin Rooke calculated that the company was buying three times as many bitcoins as it mined. At that time, Grayscale bought 19,879 BTC in a week, while the total number of bitcoins mined was only 7,081 BTC.