Grayscale, a crypto asset manager, has added three new crypto assets to its funds and removed SushiSwap and Synthetix from its DeFi Fund after the fund’s first quarterly rebalancing.
Grayscale, a digital asset management business, added three new bitcoin assets to its three primary investment funds and removed two others from its Decentralized Finance Fund as part of this year’s first quarterly rebalancing.
Grayscale pulled tokens from decentralised exchanges for crypto derivatives Synthetix and SushiSwap, as well as from its decentralised finance (DeFi) fund, after the two crypto assets fell short of the acceptable market capitalization. During the rebalance, no additional coins were withdrawn.
Grayscale’s DeFi fund, which began in July of last year, has around $8 million in assets at the moment. Uniswap, Aave, Curve, MakerDAO, Amp, Yearn.finance, and Compound are the digital assets that remain in the DeFi fund after the quarterly rebalancing.
Avalanche (AVAX) and Polkadot (DOT) have been added to the crypto asset manager’s Digital Large Cap Fund, while Cosmos (ATOM) has been added to its Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund).
The March 22 introduction of the GSCPxE Fund allows investors to wager on an index of Ethereum’s major rivals. Cardano (ADA), Solana (SOL), AVAX, DOT, Polygon (MATIC), Algorand (ALGO), Stellar (XLM), and ATOM are the GSCPxE Fund’s current holdings, in order of total value.
Grayscale continues to be the world’s largest cryptocurrency asset manager, with $43.5 billion in assets under management as of January 3, 2022. The Grayscale Bitcoin Trust (GBTC) remains the biggest fund, with little more than $30 billion in assets under management, but has been trading at a growing discount to its net asset value over the last year. GBTC is followed in terms of market capitalization by the Grayscale Ethereum Trust (ETCG), which presently has an AUM of roughly $11.8 billion.
In 2021, bitcoin investment funds saw inflows of almost $9.3 billion as institutional usage reached new heights. Grayscale is preparing to launch a Bitcoin Spot exchange-traded fund (ETF) and has said that it is prepared to seek legal action if the financial product is not approved by the US Securities and Exchange Commission (SEC).
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