Grayscale adds Chainlink to its large-cap digital asset fund
April 6, 2021, 3:19PM EDT
1 min read
Grayscale Investments announced Tuesday a rebalancing of its large-cap crypto fund, a move that adds the Chainlink token to the entity's list of held digital assets.
In statements, Grayscale said that it "adjusted the Fund’s portfolio by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase Chainlink (LINK) in accordance with the Fund's construction criteria."
The move comes months after Grayscale incorporated a series of trusts in January, including one focused on Chainlink. That same month, Grayscale removed XRP from the Digital Large Cap Fund.
Chainlink is a network of oracles that provide data to smart contracts, providing an information basis for the decentralized finance (DeFi) ecosystem. LINK is the native token of the Chainlink network and acts as a financial incentive for node operators.
As explained on its website, Grayscale's Digital Large Cap Fund is also comprised of bitcoin, ethereum, bitcoin cash and litecoin. The fund is market cap-weighted and as of April 5 had $538.2 million in assets under management. Per Tuesday's press release, the fund is comprised of 79.8% BTC.