Grayscale Investments, a cryptoasset management firm and a subsidiary of the Digital Currency Group, has recently revealed it reviewed the weightings of its Digital Large Cap Fund (DLC). Its revision saw it reduce the fund’s exposure to XRP, and increase its exposure to Litecoin (LTC).
Grayscale’s Digital Large Cap Fund is a fund that “seeks to hold large cap digital assets that collectively comprise 70% of the entire digital asset market,” allowing investors to gain exposure to the top cryptocurrencies on the market.
According to the firm’s report, it decreased the portfolio’s weighting of XRP from 14.7% to 11.9%, while adding in LTC, rising from 1.8% to 3.3%. Currently, the fund is mostly invested in bitcoin, the flagship cryptocurrency, and in
As a result of this month’s cryptocurrency rally, which saw
bitcoin hit a five-month high
thanks to a mysterious 20,000 bitcoin order, Grayscale Investments now has over $1 billion in assets under management (AUM) for the first time in months. Its DLC fund represents only $11 million of the total.
Back in December of last year, Grayscale notably got its
holdings to over 203,000 BTC
, making it the largest institutional bitcoin holder. The firm has launched funds dedicated to various cryptocurrencies, with Stellar Lumens (XLM) being one of the
latest ones to be launched
The firm’s increased exposure to litecoin is notable, as this week former Goldman Sachs partner and the founder of crypto-focused merchant bank Galaxy Digital, Mike Novogratz, revealed he believes
litecoin is a “glorified test net” for bitcoin
, and advised his followers to sell LTC for BTC.
Litecoin creator Charlie Lee often claims the cryptocurrency acts as the silver to bitcoin’s gold, meaning those who see BTC as digital gold should be seeing LTC as digital silver. Grayscale, after
reporting ‘slow’ business in the last quarter of last year
, raised an additional $30 million.